(Kitco News) - Gold and silver prices are modestly lower in early-afternoon U.S. trading Monday, in a choppy, two-sided trading session. Both the bulls and the bears are cautious ahead of what will likely be a very active trading week. December gold futureswere last down $1.90 an ounce at $1,231.40. December Comex silver was last down $0.121 at $14.635 an ounce.
Focus is on Tuesday’s U.S. mid-term elections, which many believe will be a referendum on the performance of President Trump. Gains by the Democrats would likely be bearish for the U.S. stock market.
On Wednesday and Thursday the Federal Reserve’s Open Market Committee (FOMC) meets to discuss U.S. monetary policy, with a statement due Thursday afternoon. No change in interest rates is expected at this meeting.
U.S. economic sanctions against Iran went into effect today, including the U.S. penalizing other countries that do business with the regime.
The key outside markets today see the U.S. dollar index modestly lower. Meantime, December Nymex crude oil prices are slightly higher and trading just above $63.00 a barrel.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically, the gold 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 in December futures above solid technical resistance at the October high of $1,246.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at last week’s low of $1,213.40. First resistance is seen at last week’s high of $1,239.30 and then at $1,246.00. First support is seen at $1,225.00 and then at $1,220.00. Wyckoff's Market Rating: 5.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
The silver bears still have the overall near-term technical advantage, but recent sideways price action suggests a market low was put in place in September. Silver bulls' next upside price breakout objective is closing December futures prices above solid technical resistance at $15.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the September low of $13.965. First resistance is seen at the October high of $14.95 and then at $15.00. Next support is seen at $14.50 and then at last week’s low of $14.24. Wyckoff's Market Rating: 3.0.
