(Kitco News) - Gold and silver prices are weaker in midday U.S. trading Wednesday. Some mild profit taking from recent gains is seen in the gold market. Both metals were also pressured a bit by bearish outside markets that saw a firmer U.S. dollar index that hit a 4.5-month today and by lower crude oil prices that are now trending down. Losses in the two metals today were limited by keener risk aversion in the marketplace this week. October gold futures were last down $2.80 at $1,782.90 and September Comex silver was last down $0.199 at $23.46 an ounce.
Federal Reserve monetary policy and the likely tapering of the central bank’s bond-buying program are near the front burner of the marketplace. This afternoon’s minutes from the last FOMC meeting in July will be parsed for any further clues on the timing of policy moves by the Fed. Many market watchers believe the Fed will start tapering this fall. Next week’s annual Jackson Hole Fed symposium is likely to see some clarification on the Fed’s monetary policy and the timing of any upcoming actions by the Fed.
Global stock markets were mixed overnight, with Asian shares mostly down and European shares steady to firmer. The U.S. stock indexes are weaker at midday. Risk-off attitudes are keener at mid-week. The surging coronavirus delta strain is keeping traders and investors more tentative, especially heading into what history shows can be the rough months of September and October for the stock markets. Tuesday’s U.S. retail sales report was weaker than expected, with the spreading virus possibly to blame.
The yield on the benchmark U.S. 10-year Treasury note is presently fetching 1.26%.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, gold bulls have the slight overall near-term technical advantage but need to show fresh power soon to keep it. Bulls’ next upside price objective is to produce a close above solid resistance at $1,800.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,700.00. First resistance is seen at this week’s high of $1,795.00 and then at $1,800.00. First support is seen at this week’s low of $1,769.80 and then at $1,760.00. Wyckoff's Market Rating: 5.5
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
The silver bears have the firm overall near-term technical advantage. 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 August low of $22.295. First resistance is seen at $24.00 and then at $24.38. Next support is seen at today’s low of $23.265 and then at $23.00. Wyckoff's Market Rating: 2.5.
September N.Y. copper closed down 985 points at 410.80 cents today. Prices closed near the session low and hit a two-month low today. The copper bears have the overall near-term technical advantage. Prices are in a three-week-old downtrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 443.10 cents. The next downside price objective for the bears is closing prices below solid technical support at 400.00 cents. First resistance is seen at 420.00 cents and then at today’s high of 424.95 cents. First support is seen at today’s low of 409.85 cents and then at 405.00 cents. Wyckoff's Market Rating: 4.0.
