(Kitco News) - Gold and silver futures prices are solidly up in early U.S. trading Tuesday. Some short covering in the futures market and perceived bargain buying in the cash market are featured today, following recent solid losses that pushed gold to a five-month low and silver to a nine-week low on Monday. February gold futures were last up $29.00 at $1,810.10 and March Comex silver was last up $0.907 at $23.50 an ounce.
Global stock markets were mixed to higher overnight. U.S. stock indexes are pointed toward higher openings when the New York day session begins. There remains little risk aversion in the marketplace on this first day of December, amid global stock market rallies that see the U.S. stock indexes at or near record highs.
In overnight news, the Paris-based OECD think tank has forecast global economic growth in 2021 at 4.2%, which is lower than the 5% growth in its last forecast. The OECD lowered U.S. economic growth in 2021 to 3.2% from 4%, and lowered Euro zone growth to 3.6% from 5.1%.
Meantime, the Euro zone consumer price index for November fell 0.3% from October, which was in line with market expectations.
One feature in the marketplace recently has been soaring Bitcoin prices, which this week hit a record high near $20,000. Some are proclaiming Bitcoin is the new safe-haven gold. When it comes to Bitcoin’s concept, some say they get it and some say they don’t get it. Only time will tell which camp is correct. Overall markets history does suggest the extreme daily price moves in Bitcoin are indicative of a market that is near a major top. As for gold, reports say the yellow metal has seen three straight weeks of gold-backed ETF outflows.
The U.S. dollar index is lower today after hitting a 2.5-year low Monday. The other important outside market sees January Nymex crude oil futures prices near steady and trading around $45.25 a barrel. The OPEC oil cartel is meeting this week and will be discussing keeping its present production cuts. The yield on the benchmark 10-year U.S. Treasury note futures is currently trading at 0.85%.
U.S. economic data due for release Tuesday includes the weekly Goldman Sachs and Johnson Redbook retail sales reports, the U.S. manufacturing PMI, the ISM report on manufacturing, and construction spending.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, the February gold futures bears have the overall near-term technical advantage. Prices are in a steep three-week-old downtrend on the daily bar chart. Bulls’ next upside price objective is to produce a close in February futures above solid resistance at $1,860.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,700.00. First resistance is seen at $1,822.60 and then at $1,850.00. First support is seen at the overnight low of $1,778.40 and then at this week’s low of $1,767.20. Wyckoff's Market Rating: 4.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
March silver futures bulls and bears are back on a level overall near-term technical playing field, but prices are still trending down. Silver bulls' next upside price objective is closing prices above solid technical resistance at $25.00 an ounce. The next downside price objective for the bears is closing prices below solid support at the September low of $21.93. First resistance is seen at the overnight high of $23.62 and then at $24.00. Next support is seen at the overnight low of $22.665 and then at $21.93. Wyckoff's Market Rating: 5.0.
