Gold price weaker but up from daily lows amid lower USDX

New York (Dec 30)  Gold and silver prices are lower in trading but well up from their session lows. A lower U.S. dollar index yesterday lifted the metals from their daily lows. However, profit taking by the shorter-term futures traders, rising U.S. Treasury yields and weaker crude oil prices on this day are price-negatives outweighing the positives. February gold was last down $6.40 at $1,804.30 and March Comex silver was last down $0.266 at $22.855 an ounce.

Global stock markets were mixed overnight. U.S. stock indexes are mixed at midday, and are near their record highs. Lackluster, low-volume trading is featured as the year 2021 winds down. Look for more quiet trading the rest of this week. Trader and investor attitudes are still mostly upbeat heading into year-end, and that’s also bearish for the safe-haven metals.

The key “outside markets” today see Nymex crude oil prices slightly down and trading around $75.65 a barrel. The U.S. dollar index is lower and moved well down from the slight overnight gains today. Meantime, the yield on the U.S. Treasury 10-year note is fetching 1.532%.

Technically, February gold futures bulls still have the overall near-term technical advantage and are still working on a near-term price uptrend. Bulls’ next upside price objective is to produce a close above solid resistance at $1,840.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,775.00. First resistance is seen at today’s high of $1,808.00 and then at this week’s high of $1,821.60. First support is seen at $1,800.00 and then at today’s low of $1,789.10.

KitcoNews