Gold prices are marginally higher in afternoon U.S. trading on Thursday. Early gains were mostly reversed as the US dollar index moved away from its daily low and U.S. Treasury yields increased. December gold was recently up $0.50 at $1,634.80, and December silver was up $0.286 at $18.64.
Technically, gold prices fell to a three-week low early morning. Gold futures bears have a significant overall near-term technical advantage. Bulls' next price target is to close over solid resistance at $1,700.00.
The next short-term downside price target for bears is to drive futures prices below strong technical support at the $1,622.20 low from September. The first levels of resistance are the highs of last Wednesday ($1,659.50) and this week ($1,674.30). The day's low of $1,626.30 serves as first support, followed by $1,622.20.
In afternoon trade, U.S. market indices likewise gave up their early gains. Neither risk aversion nor risk appetite is very strong at the moment. Investors and traders are attempting to evaluate whether the U.S. stock indexes have established significant market bottoms or have merely witnessed upward price corrections in downtrends that are still visible on daily bar charts.
On the daily bar chart, December silver futures prices recorded a positive "outside day" today. The silver bears have a solid near-term technical advantage. The next price target for silver bulls is to close above sturdy technical resistance at $20.00.
The bears' next price objective is to close below sturdy support at the September low of $17.40. The first resistance is seen at $19.00, followed by $19.29. The next level of support is expected at today's low of $18.15, followed by $18.00.
Crude oil prices on the New York Mercantile Exchange have risen to roughly $87.00 per barrel. The 10-year U.S. Treasury note yield is at 4.22%.
Today, December NY copper closed 1,050 points higher at 342.35 cents. Prices finished near the session peak and fell to a three-week low early morning. Today was a bullish "outside day" for prices. The copper bears have the overall technical advantage in the short run. The next price target for copper bulls is to push and close prices above solid technical resistance at the September high of 369.25 cents.
The bears' next price target is to close below strong technical support at the July low of 315.55 cents. The first level of resistance is indicated at this week's high of 346.75 cents, followed by 350.00 cents. The first level of support is at 335.00 cents, followed by today's low of 330.30 cents.
