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Gold Prices Pull Back As U.S. Dollar Surges

(Kitco News) - Gold prices are moderately lower in early U.S. trading Tuesday. A rebounding U.S. dollar index early this week that hit a four-week high overnight is working against the precious metals markets today. December Comex gold was last down $6.20 an ounce at $1,305.20. December Comex silver prices were last down $0.112 at $17.035 an ounce.

World stock markets were mostly weaker overnight, as some risk aversion is back in the marketplace following Monday’s latest salvo from North Korea, in which the isolated nation said the U.S. had declared war on it. North Korea also said it had the right to shoot down U.S. warplanes outside of its air space. However, traders and investors are getting somewhat desensitized to the war of words between the U.S. and North Korea.

Still, safe-haven demand and bargain hunters willing to buy any dips will likely continue to at least limit the downside in the gold market for at least the next few weeks.

Focus this week is also on central banker speeches. Federal Reserve Chair Janet Yellen delivers a speech Tuesday and Vice Chair Stanley Fischer talks Thursday. Other Federal Reserve officials will also give speeches throughout the week.

The other key outside market on Tuesday morning sees Nymex crude oil futures slightly lower after hitting a four-month high overnight. The oil bulls have the near-term technical advantage and have momentum. That’s an underlying bullish element for the raw commodity sector, including the precious metals.

U.S. economic data due for release Tuesday includes the weekly Goldman Sachs and Johnson Redbook retail sales reports, the S&P/Case-Shiller home price index, the consumer confidence index, new residential sales, and the Richmond Fed business survey.

Live 24 hours gold chart [Kitco Inc.]

Technically, December gold futures bulls have the slight overall near-term technical advantage. Bulls’ next upside technical objective is pushing and closing prices above chart resistance at $1,325.00. Bears' next near-term downside price breakout objective is closing prices below solid technical support at $1,280.00. First resistance is seen at the overnight high of 1,317.10 and then at $1,320.00. First support is seen at $1,300.00 and then at last week’s low of $1,291.20. Wyckoff’s Market Rating: 5.5

Live 24 hours silver chart [ Kitco Inc. ]

December silver bulls and bears are on a level overall near-term technical playing field. However, prices have been trending lower for three weeks. The next upside price breakout objective is closing futures prices above solid technical resistance at this week’s high of $17.675 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $16.00. First resistance is seen at the overnight high of $17.295 and then at $17.445. Next support is seen at the September low of $16.865 and then at $16.80. Wyckoff's Market Rating: 5.0.

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