Gold and silver weakened as US equities posted solid midday gains. Gold and silver prices fell in mid-day US trading on Tuesday amid strong rebounds in US stock indexes after seeing selling pressure on Monday. A stronger US dollar index and rising US Treasury yields are also negative for metals markets today. December gold futures were last trading at $1,759.00, down $8.60. December’s Comex silver was last trading at $22,585 an ounce, down $0.059. Detail cryptocoin.com‘in.
Where is the gold price?
Despite today’s gains in US stock indices, there are still some risk-averse attitudes in the market. Another Chinese real estate firm, Fantasia Group Holdings, missed its debt payment this week. Fantasia isn’t as big as the troubled real estate firm Evergrande, but there are growing concerns about a contagion effect on financial markets. There are ongoing concerns about supply chain bottlenecks that cause many businesses to fail to procure their products on time. This issue, and skyrocketing energy prices, helped fuel fears of price inflation and even notions of a “stagflation” comeback that gripped the world’s economies in the early 1980s. These factors are likely to limit at least the downside of safe-haven gold and silver in the near term.
Major foreign markets today see the US dollar index rise modestly, not far below last week’s 12-month high. Nymex crude futures rose and today hit $79.48 a barrel, a nearly seven-year high. Meanwhile, the 10-year U.S. Treasury bond yield currently yields 1.524%.
![Live 24 hours gold chart [Kitco Inc.]](https://i1.wp.com/www.kitco.com/images/live/gold.gif?w=1170&ssl=1)
Technically, December gold bears generally have the short-term technical advantage, according to the analyst. There is a four-week price downtrend on the daily bar chart. The bulls’ next upside price target is to produce a close above the solid resistance at $1,800.00. The bears’ next short-term bearish price target is to push futures prices below solid technical support at $1,700.00. Initial resistance is seen at this week’s high at $1,771.50, followed by $1,775.00. Initial support is seen at this week’s low at $1,747.70 followed by $1,737.50.
![Live 24 hours silver chart [ Kitco Inc. ]](https://i2.wp.com/www.kitco.com/images/live/silver.gif?w=1170&ssl=1)
silver price
December silver futures bears generally have the short-term technical advantage. According to the analyst, prices are in a four-week downtrend on the daily bar chart. Silver bulls’ next upside price target is to close prices above solid technical resistance at $24.00 an ounce. The next downside price target for the bears is to close prices below the solid support at $20.00. Initial resistance is seen at this week’s high at $22.805 followed by $23.00. The next support is seen at this week’s low at $22.29 followed by $22.00.
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