Gold, Silver Prices Gain As Greenback Wilts
(Kitco News) - Gold and silver prices aremoderately up in early-afternoon U.S. trading Monday. The precious metals areseeing support coming from a solidly lower U.S. dollar index today. Less robustrisk appetite to start the trading week also worked in favor of the safe-havenmetals today. December gold futures were last up $6.50 an ounce at $1,207.60.December Comex silver was last up $0.108 at $14.25 an ounce.
Worldstock markets were mostly lower today. Traders and investors are in a risk-offmode to start the week, as reports say the Trump administration is set to soonslap more tariffs on China in the ongoing trade war between the world's twolargest economies. Reports also said China is considering declining the U.S.offer for new trade talks later this month.
Theother key outside markets today finds Nymex crude oil prices are slightly downand trading just below $69.00 a barrel. Stiff chart resistance above the markethas capped gains, and will likely continue to do so.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically,December gold futures bears still have the overall near-term technicaladvantage. However, prices have been trading sideways for over two weeks, whichsuggests a market bottom is in place. Gold bulls' next upside near-term pricebreakout objective is to produce a close above solid technical resistance at$1,220.70. Bears' next near-term downside price breakout objective is pushingprices below solid technical support at the August low of $1,167.10. Firstresistance is seen at last week's high of $1,218.00 and then at $1,220.70.First support is seen at $1,200.00 and then at last week's low of $1,192.70.Wyckoff's Market Rating: 3.0
![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
Decembersilver futures prices closed nearer the session high today. The silver bearsstill have the solid overall near-term technical advantage. There are still noearly clues to suggest a market bottom is close at hand. Silver bulls' nextupside price breakout objective is closing prices above solid technicalresistance at $15.07 an ounce. The next downside price breakout objective forthe bears is closing prices below solid support at $13.50. First resistance isseen at last week's high of $14.39 and then at $14.50. Next support is seen attoday's low of $14.065 and then at last week's low of $13.965. Wyckoff's MarketRating: 1.5.
DecemberN.Y. copper closed up 45 points at 265.05 cents today. Prices closed nearer thesession high today on tepid short covering in a bear market. The copper bearshave the firm overall near-term technical advantage. Copper bulls' next upsideprice objective is pushing and closing prices above solid technical resistanceat the August high of 283.80 cents. The next downside price objective for thebears is closing prices below solid technical support at the August low of257.45 cents. First resistance is seen at of 268.00 cents and then at lastweek's high of 271.75 cents. First support is seen at 260.00 cents and then at257.45 cents. Wyckoff's Market Rating: 2.0.
By Jim WyckoffFor Kitco News
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jwyckoff@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.