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(Kitco News) – Gold prices are slightly higher in mid-day US trading on Monday, but held on to Friday’s strong rally, which included a technically bullish weekly high close, one of the chart’s clues that the market’s bottom is in place. The price of silver is more stable and reached a four-week high today. A decline in the US dollar index was a bullish daily factor in metals markets as trading began. December gold was last up $4.70 at $1,681.40 and December silver was up $0.161 at $20,945.
Global stock markets were mostly higher overnight. US stock indexes fluctuate at midday. It’s going to be another busy week with company earnings reports. Now, however, the focus is on the midterm elections in the United States on Tuesday.
According to the overnight news, China’s exports in October fell 0.3% from the previous year, which is the worst result since May 2020. China’s imports fell by 0.7% in the same period. Over the weekend, Chinese health officials said they were sticking to a “zero-Covid” policy despite widespread rumors to the contrary.
In major external markets, the US dollar index is lower today. Nymex crude is more stable, reaching a nine-week high and trading around $93.25 a barrel. The yield on the US 10-year Treasury bond is about 4.1%.
Technically, bears in gold futures have a general near-term technical advantage. However, the downtrend in price on the daily bar chart has been reversed and last Friday saw a rising weekly high. These are technical cues that a market bottom is in place. The bulls’ next upside price objective is to produce a near-fixed resistance above $1,700.00. The Bears’ next near-term bearish objective is to drive futures prices below solid technical support at $1,600.00. First resistance is seen at last week’s high at $1,686.40 and then at $1,700.00. First support is seen at today’s low of $1,670.00 and then at $1,650.00. Wyckoff’s market rating: 2.5.
![Live 24 hour silver chart [ Kitco Inc. ]](https://news.google.com/images/live/silver.gif)
December silver futures hit a four-week high today. The silver bull has a general near-term technical advantage. Prices are in a fluctuating two-month uptrend on the daily bar chart. The silver bulls’ next upside price objective is to close above solid technical resistance at the October peak at $21.31. The next slow target for the bears is to close prices below the stable support at $19.00. The first resistance is seen at today’s high at $21.08 and then at $21.31. The next support is seen at today’s low of $20.435 and then $20.00. Wyckoff Market Rating: 6.0.
December NY copper closed 995 points to 358.70 cents today. Prices closed near session lows today. Copper bears have a general near-term technical advantage. However, recent price developments point to a market bottom. The copper bulls’ next price target is to raise and close prices above solid technical resistance at the August peak at 378.35 cents. The bears’ next price-lowering goal is to close prices below solid technical support at the September low of 324.30 cents. First resistance is seen at today’s high of 366.05 cents and then at last week’s high of 370.85 cents. First the allowance is 350.00 cents and then 340.00 cents. Wyckoff Market Rating: 4.0.
Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect his own Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; However, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It is not a solicitation to make exchanges in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for any loss and/or damage arising from the use of this publication.
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