(Kitco News) - Gold prices are holding decent gains in midday U.S. dealings Monday. Support comes from a weaker U.S. dollar index, firmer crude oil prices and falling U.S. government bond yields on this first trading day of the week and of the month. December gold was last up $10.20 at $1,794.10 and December Comex silver was last up $0.116 at $24.065 an ounce.
Global stock markets were mixed but mostly firmer in overnight trading. The U.S. stock indexes are slightly up at midday after hitting record highs early on today. As the calendar turns to November and the historically turbulent months of September and October are now behind, the stock market bulls are feeling even more confident. The seasonal "Santa Claus rally" may carry equities still higher into the end of the year.
The 10-year U.S. Treasury note yield is presently fetching 1.58%.
A major data point this week is the Federal Reserve's Open Market Committee meeting that begins Tuesday morning and ends Wednesday afternoon with a statement. It's believed the FOMC will give clarity on the timing of the tapering of its monthly bond-buying program, with most reckoning it will start to happen sooner rather than later. It seems Fed officials are finally realizing what much of the marketplace has known for some time: Inflation continues to rise and has become problematic in some sectors, and there are no clues to suggest inflation will abate anytime soon.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, December gold futures bulls have the overall near-term technical advantage amid a four-week-old price uptrend in place on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at the September high of $1,836.90. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,750.00. First resistance is seen at $1,800.00 and then at the October high of $1,815.50. First support is seen at today's low of $1,780.20 and then at last week's low of $1,772.40. Wyckoff's Market Rating: 6.5
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
December silver futures bulls have the overall near-term technical advantage. Prices are in a four-week-old uptrend on the daily chart. 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 $23.00. First resistance is seen at $24.33 and then at $24.50. Next support is seen at last week's low of $23.705 and then at $23.50. Wyckoff's Market Rating: 6.0.
December N.Y. copper closed up 5 points at 436.85 cents today. Prices closed near mid-range today and hit a three-week low. The copper bulls and bears are on a level overall near-term technical playing field. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 460.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 420.00 cents. First resistance is seen at 445.00 cents and then at 450.00 cents. First support is seen at today's low of 432.85 cents and then at 430.00 cents. Wyckoff's Market Rating: 5.0.
