(Kitco News) - Gold saw trading on both sides of unchanged in a choppy session Tuesday. The marketplace is awaiting the results of the Federal Reserve’s Open Market Committee (FOMC) meeting that began Tuesday morning and ends Wednesday afternoon.December Comex gold was last down $0.90 an ounce at $1,309.90. December Comex silver prices were last up $0.099 at $17.26 an ounce.
No interest rate changes are expected from the FOMC at this week’s meeting. However, it is expected the Fed will announce it is drawing down its big balance sheet of securities. Fed Chair Janet Yellen will hold a press conference after the FOMC meeting ends. Also, the Federal Reserve will release inflation projections that will be closely scrutinized.
U.S. President Donald Trump gave a fiery speech in front of the United Nations in New York Tuesday. Trump talked very tough on North Korea’s missile program, and on Iran and Venezuela. He said “rocketman is on a suicide mission” and the U.S. would completely destroy North Korea if that nation initiates military action against another sovereign nation.
The key outside markets on Tuesday saw the U.S. dollar index trade slightly weaker. The greenback bears remain in firm technical control. Meantime, Nymex crude oil futures were lower in afternoon trading. The oil bulls have the slight overall near-term technical advantage.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically, December gold futures prices closed nearer the session low again today closed at a three-week low close. The gold bulls still have the overall near-term technical advantage, but have faded and need to show fresh power soon to avoid serious near-term technical damage, including a price uptrend on the daily chart being negated. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,340.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,300.00. First resistance is seen at today’s high of $1,314.30 and then at $1,320.00. First support is seen at $1,307.00 and then at $1,300.00. Wyckoff's Market Rating: 6.0
![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
December silver futures prices closed near mid-range today. The silver bulls have the overall near-term technical advantage. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at the September high of $18.29 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $16.50. First resistance is seen at today’s high of $17.34 and then at $17.50. Next support is seen at this week’s low of $17.11 and then at $17.00. Wyckoff's Market Rating: 6.0.
December N.Y. copper closed down 5 points at 296.85 cents today. Prices closed near mid-range. The copper bulls still have the overall near-term technical advantage, but have faded recently. More selling pressure this week would suggest a near-term market top is in place. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the September high of 317.85 cents. The next downside price objective for the bears is closing prices below solid technical support at 280.00 cents. First resistance is seen at 300.00 cents and then at 304.00 cents. First support is seen at last week’s low of 293.10 cents and then at 290.00 cents. Wyckoff's Market Rating: 6.0.
