(Kitco News) - Gold prices are moderately lower in midday U.S. trading Tuesday, on a continued corrective pullback from last week's good gains. Rising U.S. Treasury yields and the better risk appetite in the marketplace Tuesday are daily negatives for the safe-haven metal. February gold was last down $7.30 at $1,787.20 and March Comex silver was last up $0.194 at $22.48 an ounce.
Global stock markets were mostly higher in overnight trading. U.S. stock indexes are solidly higher at midday. The global stock indexes are posting corrective bounces after Monday's strong losses that were due mostly to worries about the pandemic starting to surge again. A look at the daily bar charts for the Nasdaq and S&P futures shows higher daily price volatility at higher price levels. That's one warning signal of a topping process in a market and favors the bearish camp. Look for more daily increased price volatility in the near term, which could be amplified even more by thin holiday trading volumes in the coming days.
Part of the bounce-back in stock indexes Tuesday comes from reports President Biden and Sen. Joe Manchin held a phone conversation, which the White House believes could keep the door open to reviving talks on Biden's spending bill. Presently, traders and investors are looking at the bright side of the matter, as both sides are still talking.
The key "outside markets" today see Nymex crude oil prices sharply higher on a big corrective bounce from Monday's steep losses, and trading around $71.00 a barrel. The U.S. dollar index is slightly higher at midday. Meantime, the yield on the U.S. Treasury 10-year note is presently fetching 1.487%. For perspective, the 10-year German bond (bund) sees its yield at -0.362% and the 10-year U.K. bond (gilt) is fetching 0.798%. The premium the U.S. 10-year note yield is holding to most of its major counterparts is a main reason for the U.S. dollar's appreciation in recent months. In fact, one report last week said many European banks are taking their excess Euros and buying U.S. Treasuries, which means they have to buy greenbacks with their Euros to do such—meaning even more dollar appreciation.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, February gold futures early this week are seeing a normal corrective pullback after last week's good gains. Bulls still have the slight overall near-term technical advantage. Bulls' next upside price objective is to produce a close above solid resistance at the December high of $1,815.70. Bears' next near-term downside price objective is pushing futures prices below solid technical support the December low of $1,753.00. First resistance is seen at $1,800.00 and then at this week's high of $1,804.60. First support is seen at $1,775.00 and then at $1,761.00. Wyckoff's Market Rating: 5.5
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
March silver futures prices hit a three-week high today. The silver bears still have the overall near-term technical advantage. However, a four-week-old downtrend on the daily bar chart was negated late last week to suggest a market bottom is in place. Silver bulls' next upside price objective is closing prices above solid technical resistance at $23.00 an ounce. The next downside price objective for the bears is closing prices below solid support at $21.00. First resistance is seen at today's high of $22.805 and then at $23.00. Next support is seen at today's low of $22.185 and then at $22.00. Wyckoff's Market Rating: 2.5.
March N.Y. copper closed up 420 points at 433.55 cents today. Prices closed nearer the session high today. The copper bulls and bears are back 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 the November high of 451.15 cents. The next downside price objective for the bears is closing prices below solid technical support at the December low of 411.95 cents. First resistance is seen at today's high of 435.00 cents and then at 440.00 cents. First support is seen at today's low of 429.45 cents and then at this week's low of 423.20 cents. Wyckoff's Market Rating: 5.0.
