(Kitco News) - Gold and silver futures were ending the U.S. day session modestly lower but well up from their daily lows. After seeing selling pressure for most of this week, the metals bears may now be exhausted on a near-term basis. December Comex gold was last down $3.30 an ounce at $1,282.90. December Comex silver was last down $0.041 at $17.00 an ounce.
A rally in the U.S. dollar index this week has combined with keener risk appetite to put the gold and silver markets on the defensive. The dollar index did back down from its session high Wednesday, which helped to bring the precious metals off their lows.
Still, the gold and silver bulls need to step up and show some power yet this week, or face the prospect of serious near-term chart damage being inflicted.
The U.S. stock indexes are at record highs this week, to underscore the “risk-on” mentality of the marketplace. Hopes for tax cuts in the U.S. are helping to lift the U.S. stock market. World monies continue to flow into equity markets, which limits investment demand for hard assets, such as the precious metals.
China on Wednesday started its twice-a-decade Party Congress meetings, in which major economic and cultural planning initiatives are laid out for the next five years. Traders and investors will keep a close watch for any pronouncements coming out of those meetings. China’s President Xi Jinping’s opening speech contained no surprises to the markets. He urged the government to play a greater role in the Chinese economy. He also said he wanted China to become more open in world market dealings.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically, December gold futures prices closed near mid-range. Bulls still have the slight overall near-term technical advantage, but are fading this week need to show fresh power soon to keep their chart edge. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,300.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the October low of $1,262.80. First resistance is seen at today’s high of $1,290.80 and then at $1,300.00. First support is seen at today’s low of $1,278.60 and then at $1,275.00. Wyckoff's Market Rating: 5.5
![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 still have the slight overall near-term technical advantage, but are fading and need to show fresh power soon to keep it. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $17.75 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the October low of $16.345. First resistance is seen at Tuesday’s high of $17.28 and then at $17.50. Next support is seen at $16.765 and then at $16.50. Wyckoff's Market Rating: 5.5.
December N.Y. copper closed down 190 points at 317.60 cents today. Prices closed near the session low and saw more profit taking after hitting a 3.5-year high on Monday. The copper bulls still have the solid overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the September high of 330.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 310.00 cents. First resistance is seen at today’s high of 321.60 cents and then at this week’s high of 325.95 cents. First support is seen at 315.00 cents and then at this week’s low of 311.20 cents. Wyckoff's Market Rating: 7.5.
