(Kitco News) - Gold and silver pricess were ending the U.S. day session moderately higher Tuesday, on mild corrective bounces from the strong selling pressure seen Monday. December Comex gold was last up $6.10 an ounce at $1,281.30. December Comex silver was last up $0.113 at $16.955 an ounce.

World stock markets were mostly firmer Tuesday and U.S. stock indexes set record highs. That did mitigate the rally potential for gold and silver markets, which are competing assets with equities.

Many markets are still reacting somewhat to the failed efforts by German Chancellor Angela Merkel to form a coalition government on Sunday. Reports late Monday said Merkel would rather hold another election than form a coalition. This has created uncertainty in world markets but especially in the European markets. The European Union’s largest economy appears to be in leadership crisis.

The important outside markets on Tuesday were in a mildly bullish posture for the precious metals. The U.S. dollar index was slightly lower. The greenback bulls still have the slight overall near-term technical advantage. Meantime, Nymex crude oil futures prices were slightly higher. Oil bulls still have the overall near-term technical advantage, but stiff chart resistance layers lie just above the market. Traders are looking ahead to next week’s OPEC meeting.

Look for trading activity in many markets start to taper off later today and the rest of this week, ahead of the U.S. Thanksgiving holiday on Thursday.

Technically, December goldd futures prices closed nearer the session high today. Prices are 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 today’s high of $1,284.50 and then at $1,290.00. First support is seen at Monday’s low of $1,274.10 and then at last week’s low of $1,269.70. Wyckoff's Market Rating: 5.0

December silver futures prices closed near mid-range today on a mild bounce after strong selling pressure seen Monday. 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 today’s high of $17.35 and then at $17.25. Next support is seen at Monday’s low of $16.82 and then at $16.60. Wyckoff's Market Rating: 5.0.

December N.Y. copper closed up 330 points at 312.60 cents today. Prices closed near the session high today. The copper bulls have the 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 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 313.65 cents and then at 315.00 cents. First support is seen at 310.00 cents and then at today’s low of 307.95 cents. Wyckoff's Market Rating: 6.5.