Gold and silver weaken as US stocks post strong gains at noon

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(Kitco News) – Gold and silver prices are down at noon Tuesday in the US, amid strong rebounds in US stock indices after seeing selling pressure on Monday. A firmer US dollar index and rising US Treasury yields today are also negative for metals markets. December gold futures were last down $ 8.60 to $ 1,759.00. December’s Comex Silver last lost $ 0.059 to $ 22.585 an ounce.

Despite today’s gains in US stock indices, there are still risk averse attitudes in the market. Another Chinese real estate company, Fantasia Group Holdings, missed a debt payment this week. Fantasia is not as big as struggling real estate company Evergrande, but there are growing fears of a contagion effect in financial markets. There are lingering concerns about supply chain bottlenecks that prevent many companies from getting their products in a timely manner. This issue and the rapid rise in energy prices helped fuel fears of price inflation and even notions of a return to the “stagflation” that gripped world economies in the early 1980s. should at least limit the decline in safe havens of gold and silver in the near term.

Major foreign markets are now seeing the US dollar index rise slightly and not far below last week’s 12-month high. Nymex crude oil futures are on the rise and hit an almost seven-year high of $ 79.48 per barrel today. Meanwhile, the yield on 10-year US Treasuries is currently 1.524%.

Technically, December’s gold futures have the overall short-term technical advantage. A four week old downward price trend is in place on the daily bar chart. The Bulls’ next bullish price target is to produce a close above the solid resistance at $ 1,800.00. Bears’ next short-term bearish price target is to push futures prices below strong technical support at $ 1,700.00. First resistance is seen at this week’s high of $ 1,771.50 and then $ 1,775.00. First support is seen at this week’s low at $ 1,747.70 and then $ 1,737.50. Wyckoff Market Score: 3.5

The December silver futures bears have a strong overall technical advantage in the short term. Prices are in a four week downtrend on the daily bar chart. The next bullish price target for Silver Bulls is to close the price above strong technical resistance at $ 24.00 an ounce. The next bearish price target for the bears is to close price below strong support at $ 20.00. First resistance is seen at this week’s high of $ 22.805 and then $ 23.00. Next support is seen at this week’s low at $ 22.29 and then $ 22.00. Wyckoff Market Rating: 2.0.

December NY copper closed 450 points lower at 419.35 cents today. Prices closed near the mid-range today. Copper bulls and bears are on a technical par for the short term overall amid recent choppy trading. The next bullish price target for copper buyers is to push and close prices above strong technical resistance at the September high of 447.15 cents. The next bearish price target for bears is to close prices below strong technical support at the August low of 396.65 cents. First resistance is seen at this week’s high of 430.30 cents, then 435.00 cents. First support is seen at today’s low at 415.10 cents and then 410.00 cents. Wyckoff Market Rating: 5.0.