There are modest gains for gold as the stock markets still falter. Gold prices are slightly higher in mid-day trading in the US on Tuesday. The yellow metal is supported by some safe-haven demand amid world energy supply concerns, but has also come under pressure from a higher US dollar index and recently rising bond yields. December gold futures were last trading at $1,761.20, up $5.20. December’s Comex silver was last trading at $22.57 an ounce, down $0.095.
Critical threshold in gold price
cryptocoin.comAs we reported earlier in , US stock indices rose slightly in the middle of the day. Traders and investors are still a little nervous as mid-October approaches. Today, as we enter the Northern Hemisphere’s winter, there are concerns about energy resources. In a morning email, Bloomberg said: “Winter is expected to keep demand high as coal and gas are scarce. The latest pressure on energy supply comes from record thermal coal prices in China as key mining regions were hit by the flooding. High energy costs are already feeding metal prices, and aluminum is at its highest level since July 2008.
Rising inflation, partly due to rising energy prices, also worries the market. US inflation reports will be released Wednesday and Thursday mornings and will be closely examined. Troubled Chinese company Giant Evergrande has reportedly missed another major debt payment and traders are increasingly concerned about the contagion effect. In other overnight news, Germany’s closely-watched ZEW economic conditions index for October was pessimistic, showing a “current conditions” reading of 21.6 versus 31.9 in September. Major foreign markets today see the US dollar index tightening not far below its 12-month high. Nymex crude futures are stable and trading around $80.50 a barrel. Meanwhile, the 10-year U.S. Treasury bond yield currently yields 1.598%.
technical indicators
Technically, December gold bears generally have the short-term technical advantage. 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 pushing futures prices below solid technical support at the September low of $1,721.10. Initial resistance is seen at today’s high at $1,770.00 followed by last week’s high at $1,782.40. Initial support is seen at this week’s low at $1,749.90 followed by last week’s low at $1,745.40.
December silver futures give the firm an overall short-term technical advantage. 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 September low of $21.41 and solid support. Initial resistance is seen at $23.00 followed by last week’s high at $23.22. The next support is seen at last week’s low at $22.185 followed by $22.00.
![Live 24 hours gold chart [Kitco Inc.]](https://i1.wp.com/www.kitco.com/images/live/gold.gif?w=1170&ssl=1)
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