(Kitco News) - Gold prices are moderately lower in midday U.S. trading Monday, pressured by rallying U.S. equities that see the stock indexes hitting record highs today. Some profit taking from the shorter-term futures traders was also featured to start the trading week, following recent gains.
However, Tuesday is a new day and focus will be on the FOMC meeting whose results could favor the metals market bulls. Also, the downside in gold and silver markets will likely be limited as their technical chart postures remain overall bullish. December gold futures were last down $9.90 an ounce at 1,495.30. December Comex silver prices were last down $0.056 at $17.87 an ounce.
Asian and European stock indexes were also mostly up overnight. Trader and investor optimism worldwide remains elevated as weekend reports from China said the Phase 1 part of the U.S.-China trade deal is nearly ready for signing.
The markets did not react to the weekend news the U.S. military eliminated the world’s top ISIS terrorist leader.
There was more downbeat economic data coming out of China, as the world’s second-largest economy over the weekend reported its industrial sector profits declined significantly in September.
It’s indeed a very big U.S. economic data week, highlighted by the Federal Reserve’s FOMC meeting that starts Tuesday, the gross domestic product report, and the important U.S. jobs report that’s out Friday morning.
Metals traders will see one of the bigger weeks of the year for their markets, as its LME Week in London.
The key “outside markets” today find Nymex crude oil prices weaker in midday trading today and trading around $56.00 a barrel. Meantime, the U.S. dollar index is slightly down.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, December gold futures prices were nearer the session low at midday. The bulls have the overall near-term technical advantage and are working on a four-week-old uptrend on the daily bar chart. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,525.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the October low of $1,465.00. First resistance is seen at $1,500.00 and then at today’s high of $1,510.80. First support is seen at $1,490.00 and then at last week’s low of $1,484.00. Wyckoff's Market Rating: 6.5
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
December silver futures prices were nearer the session low at midday on profit taking after hitting a four-week high on Friday. The silver bulls have the overall near-term technical advantage. A four-week-old uptrend is in place on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $18.50 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $17.18. First resistance is seen at $18.00 and then at today’s high of $18.145. Next support is seen at today’s low of $17.785 and then at last week’s low of $17.44. Wyckoff's Market Rating: 6.5.
December N.Y. copper closed up 80 points at 268.35 cents today. Prices closed nearer the session high today and closed at a six-week high close. The copper bulls and bears are on a level overall near-term technical playing field, but prices have been trending up for four weeks. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the September high of 270.65 cents. The next downside price objective for the bears is closing prices below solid technical support at 254.00 cents. First resistance is seen at 270.65 cents and then at 273.00 cents. First support is seen at 265.90 cents and then at 263.00 cents. Wyckoff's Market Rating: 5.0.
