Gold, Silver Prices Stable As Fresh Inputs Awaited

(Kitco News) -  Gold and silver prices are near steady in quieter early-afternoon U.S. trading Monday. Some backing and filling on the daily charts was seen in gold following recent good gains. December gold futures were last up $0.70 an ounce at $1,223.80. December Comex silver was last up $0.003 at $14.385 an ounce.

Global stock markets were mixed in subdued, pre-holiday trading overnight. U.S. stock indexes are solidly lower in afternoon U.S. trading. The wobbly U.S. stock market recently has limited selling interest in the safe-haven gold market.

It could be a quieter trading week as the U.S. Thanksgiving holiday falls on Thursday. U.S. markets close early Wednesday, with Friday the “Black Friday” sale affair that finds many traders and investors out for the day, shopping for Christmas gift deals.

There were no major news developments today to stoke the markets. Reports the CIA has named the Saudi Crown Prince as the one who ordered the killing of the Saudi journalist last month are not moving the markets. Most believe the U.S. has too much at stake with the Saudis as their Middle East ally and U.S. arms purchaser to make a big deal over the matter.

The key outside markets today find the U.S. dollar index trading weaker but still not far below this month’s 1.5-year high. Meantime,Nymex crude oil futures prices are near steady after hitting an 11-month low of $54.75 last week.

Technically, the gold bears have the overall near-term technical advantage. 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 the November low of $1,196.60. First resistance is seen at last week’s high of $1,226.00 and then at $1,230.00. First support is seen at today’s low of $1,218.50 and then at last Friday’s low of $1,213.70. Wyckoff's Market Rating: 3.5

The silver bears have the solid overall near-term technical advantage. Silver bulls' next upside price breakout objective is closing December futures prices above solid technical resistance at the October high of $14.95 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $13.50. First resistance is seen at $14.50 and then at $14.775. Next support is seen at Friday’s low of $14.215 and then at $14.00. Wyckoff's Market Rating: 2.0.

December N.Y. copper closed down 25 points at 279.60 cents today. Prices closed nearer the session high. The copper bears 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 287.10 cents. The next downside price objective for the bears is closing prices below solid technical support at the August low of 257.45 cents. First resistance is seen at today’s high of 280.95 cents and then the November high of at 282.35 cents. First support is seen at today’s low of 276.00 cents and then at 273.30 cents. Wyckoff's Market Rating: 3.5.