(Kitco News) - Gold prices ended the U.S. day session near unchanged in lackluster, two-sided dealings Thursday. There have been no significant news developments recently to drive the precious metals markets. That has left gold and silver to be more influenced by the daily price action in the U.S. dollar index. December Comex gold was last down $0.10 an ounce at $1,277.50. December Comex silver was last up $0.089 at $17.06 an ounce.
World stock markets were mostly firmer Thursday on corrective bounces from selling pressure seen earlier this week. The rebound in the stock markets Thursday was a bit of a daily negative for the precious metals markets.
The key outside markets on Thursday saw the U.S. dollar index slightly higher on a corrective bounce from good selling pressure seen earlier this week. The greenback bulls have faded, technically, this week. The Euro currency is lower on a pullback from this week’s good gains. Euro bulls have gained technical strength this week to suggest at least sideways trading in the near term.
Meantime, Nymex crude oil futures prices were near steady in afternoon action and trading just above $55.00 a barrel. Prices are well down from the early-November high and the crude oil market appears to have topped out for now. Bearish fundamental news this week—forecast lower worldwide demand from the IEA and a bearish DOE weekly storage report—have helped to pressure oil prices lower.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically, December gold futures closed near mid-range today. Prices are still in a sideways and choppy trading range on the daily bar chart. Bulls and bears are on a level overall near-term technical playing field. 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 $1,285.00 and then at this week’s high of $1,290.00. First support is seen at this week’s low of $1,269.70 and then at $1,262.80. Wyckoff's Market Rating: 5.0
![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
December silver futures prices closed nearer the session high today. The silver bulls and bears are on a level overall near-term technical playing field. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $17.50 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 this week’s high of $17.205 and then at last week’s high of $17.27. Next support is seen at this week’s low of $16.82 and then at $16.60. Wyckoff's Market Rating: 5.0.
December N.Y. copper closed down 55 points at 304.95 cents today. Prices closed nearer the session low and closed at a five-week low close today. The copper bulls still have the overall near-term technical advantage but are fading as prices have been trending lower for four weeks. 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 300.00 cents. First resistance is seen at today’s high of 307.90 cents and then at 310.00 cents. First support is seen at this week’s low of 303.40 cents and then at 302.00 cents. Wyckoff's Market Rating: 6.0.
