Gold, silver see price gains amid weaker U.S. dollar – Kitco NEWS

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(Kitco News) – Gold and silver prices are higher in midday U.S. trading Monday, supported in part by a lower U.S. dollar index to start the trading week. Gains in the safe-haven metals are somewhat limited by less risk aversion in the marketplace to start the trading week—despite the still very fluid situation of U.S. President Trump’s Covid-19 condition. December gold futures were last up $13.90 at $1,921.60 and December Comex silver was last up $0.536 at $24.565 an ounce.

Global stock markets were mostly higher overnight. U.S. stock indexes are higher at midday. To start the trading week, traders and investors are focused on the aspect of President Trump’s condition improving following him testing positive for Covid-19 last week and entering the hospital Friday. Reports said Trump could be released from Walter Reed hospital today. Also, some are arguing that former vice president Joe Biden’s widening lead in the presidential polls that could provide a more decisive outcome of the election is a positive for trader and investor sentiment. However, others would argue a Biden presidential victory would not be good for the stock market, given his pledge to raise taxes and roll back some of Trump’s decrees to free up restrictions on U.S. business and industry. Still, most agree Trump’s Covid condition is still very fluid and could change quickly.

Traders are still watching the U.S. Congress and its seemingly half-hearted effort to get a second major stimulus package to American citizens and businesses.

The important outside markets early today see the U.S. dollar index solidly lower. Nymex crude oil prices are solidly higher and trading around $39.50 a barrel. Meantime, the yield on the U.S. Treasury 10-year note is trading around 0.75% today.

Technically, December gold futures saw prices scoring a bullish “outside day” up on the daily bar chart today. The gold bulls have the overall near-term technical advantage. However, a two-month-old downtrend is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close in October futures above solid resistance at $1,975.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at the September low of $1,851.00. First resistance is seen at $1,930.00 and then at $1,950.00. First support is seen at $1,900.00 and then at today’s low of $1,891.20. Wyckoff’s Market Rating: 6.5

December silver futures bulls have the overall near-term technical advantage. However, prices are still in a two-month-old downtrend on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $25.00 an ounce. The next downside price objective for the bears is closing prices below solid support at the September low of $21.81. First resistance is seen at $25.00 and then at $25.50. Next support is seen at today’s low of $23.805 and then at $23.50. Wyckoff’s Market Rating: 6.5.

December N.Y. copper closed down 130 points at 296.45 cents today. Prices closed nearer the session high today. The copper bulls have the overall near-term technical advantage amid choppy and more volatile trading at higher levels, which is not bullish. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at the September high of 312.10 cents. The next downside price objective for the bears is closing prices below solid technical support at the August low of 279.60 cents. First resistance is seen at 300.00 cents and then at last week’s high of 304.65 cents. First support is seen at today’s low of 293.20 cents and then at 290.00 cents. Wyckoff’s Market Rating: 6.5.

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