(Kitco News) - Gold and silver prices are moderately up in midday U.S. trading Monday, with gold scoring a two-month high and the bulls gaining momentum. It appears the metals traders have turned their focus from the bearish aspects of a tighter U.S. monetary policy, to the bullish prospects of rising and even problematic price inflation in the coming months. A lower U.S. dollar index to start the trading week was also friendly for the metals market bulls. December gold was last up $8.30 at $1,824.90 and December Comex silver was last up $0.328 at $24.485 an ounce.
Global stock markets were mixed in overnight trading. The U.S. stock indexes are mixed at midday. The U.S. indexes hit record highs last Friday. There remains little risk aversion in the global marketplace at present. The U.S. House of Representatives late Friday approved a pared-down U.S. government spending plan.
In other weekend news, China reported its October imports were up 20.6%, year-on-year, which was less than expected. However, China’s exports in the period were higher than expected, at up 27.1%. These large numbers do fall into the camp of continued rising inflationary pressures. U.S. inflation reports are on tap this week.
China’s Communist Party has begun a four-day meeting at which President Xi Jinping is expected to make a move to extend his rule indefinitely. Xi wants to extend his ambitious plans for the domestic economy and its global economic and geopolitical power.
The key outside markets today see the U.S. dollar index weaker on a corrective pullback after hitting a new high for the year last Friday. Nymex crude oil prices are higher and trading around $82.00 a barrel. The oil market bulls have become wobbly. Meantime, the 10-year U.S. Treasury note yield is presently fetching 1.481%.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, December gold futures prices hit a two-month high today. Bulls have the overall near-term technical advantage and have restarted a five-week-old uptrend 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 the November low of $1,758.50. First resistance is seen at today’s high of $1,828.20 and then at $1,836.90. First support is seen at today’s low of $1,813.80 and then at $1,800.00. 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 hit a two-week high today. The silver bulls and bears are now back on a level overall near-term technical playing field. 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 $24.75 and then at the September high of $24.945. Next support is seen at today’s low of $24.13 and then at $24.00. Wyckoff's Market Rating: 5.0.
December N.Y. copper closed up 615 points at 440.30 cents today. Prices closed nearer the session high today. The copper bulls and bears are on a level overall near-term technical playing field amid recent choppy trading. 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 410.00 cents. First resistance is seen at today’s high of 441.45 cents and then at last week’s high of 445.05 cents. First support is seen at today’s low of 433.00 cents and then at last week’s low of 427.80 cents. Wyckoff's Market Rating: 5.0.
