(Kitco News) - Gold prices ended the U.S. day session moderately lower Tuesday, as a rallying U.S. dollar index early this week is prompting selling pressure in gold and silver markets. Crude oil prices also led a general downturn in the raw commodity sector Tuesday, amid keener risk aversion in the market place. The fickle gold market on this day decided to act like a raw commodity instead of a safe-haven asset. December Comex gold was last down $8.10 at $1,124.50 an ounce. December Comex silver was last down $0.461 at $14.76 an ounce.

It was a risk-off day in the market place Tuesday, as U.S. stock indexes were sharply lower amid ongoing concerns about anemic world economic growth and the uncertainty regarding when the next U.S. interest rate hike from the Federal Reserve will occur. Several Fed officials said in remarks Monday the U.S. central bank should raise its Fed funds rate yet this year.

European stock markets were also weaker Tuesday. Asian stock markets finished firmer, with China’s Shanghai stock index up 0.9% on the day. Other Asian stock markets also closed firmer Tuesday. Asian traders are awaiting a manufacturing report from China due out Wednesday. There was also an upbeat mood in China markets as the Chinese premier visits the U.S. this week.

The London P.M. gold fix today was $1,122.90 versus the previous London A.M. fixing of $1,129.30.

Technically, December gold futures prices closed nearer the session low today. Gold bears have the firm overall near-term technical advantage and have regained momentum this week. Bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the September high of $1,147.30. Bears' next near-term downside price breakout objective is closing prices below solid technical support at the September low of $1,097.70. First resistance is seen at today’s high of $1,136.10 and then at last week’s high of $1,141.50. First support is seen at today’s low of $1,120.50 and then at $1,114.70. Wyckoff’s Market Rating: 2.5

December silver futures prices closed nearer the session low today. Silver bears have the firm overall near-term technical advantage and regained downside momentum today. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at last week’s high of $15.435 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at last week’s low of $14.24. First resistance is seen at $15.00 and then at today’s high of $15.22. Next support is seen at today’s low of $14.695 and then at $14.50. Wyckoff's Market Rating: 2.0.

December N.Y. copper closed down 895 points at 229.90 cents today. Prices closed nearer the session low and hit a three-week low today. The key “outside markets” were also bearish for copper today as the U.S. dollar index was higher and crude oil prices were lower. Copper bears have the solid overall near-term technical advantage and regained downside momentum today. Copper bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at the September high of 249.30 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the August low of 220.25 cents. First resistance is seen at 232.50 cents and then at 235.00 cents. First support is seen at today’s low of 228.55 cents and then at 225.00 cents. Wyckoff's Market Rating: 1.5.

By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
Follow me on Twitter @jimwyckoff

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