(Kitco News) – Gold and silver prices are moderately higher in early U.S. trading Tuesday, as the metals have quickly rebounded from Monday’s selling pressure. Monday gold hit a 3.5-month high and silver a seven-month high and both markets remain in price uptrends on the daily charts. The bulls have the overall near-term technical advantage. February gold was last up $10.30 at $1,791.60 and March silver was up $0.288 at $22.71.
Global stock markets were mixed overnight. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins. A stronger-than-expected U.S. manufacturing report on Monday reinforced notions the Federal Reserve will have to keep its monetary policy tighter for longer. That helped to pressure the stock market and pushed the U.S. dollar index and U.S. Treasury yields higher. The ISM report also fell into the camp of those market watchers who think the U.S. may be able to avoid an economic recession.
In overnight news, Chinese Communist party officials have admitted that the public protests prompted the Chinese government to relax its Covid restrictions.
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The key outside markets today see the U.S. dollar index slightly lower. Nymex crude oil prices are weaker and trading around $76.00 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently 3.573%.
U.S. economic data due for release Tuesday is light and includes the weekly Johnson Redbook retail sales report and the U.S. international trade report.
Live Gold Price
Dec 06, 2022 11:47 NY Time
Technically, the gold futures bulls have the overall near-term technical advantage. Prices are in a four-week-old uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close in February futures above solid resistance at the August high of $1,836.70. 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 November high of $1,806.00. First support is seen at this week’s low of $1,778.10 and then at $1,770.00.
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
The silver bulls have the firm overall near-term technical advantage. A choppy, three-month-old uptrend is in place on the daily bar chart. Silver bulls’ next upside price objective is closing March futures prices above solid technical resistance at $24.00. The next downside price objective for the bears is closing prices below solid support at $20.79. First resistance is seen at $23.00 and then at $23.50. Next support is seen at this week’s low of $22.35 and then at $22.00