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(Kitco News) – The price of gold is higher in US trading at noon on Tuesday, while the price of silver has risen slightly. Metals markets rebounded after a US inflation report this morning that came cooler than expected, triggering another sell-off in the US dollar index. The gold price slipped to a three-week low overnight. The October gold futures last rose by $ 11.70 to $ 1,804.00. December Comex silver last rose $ 0.049 to $ 23.845 an ounce.
The US Consumer Price Index report for August rose 0.3% from July, up from forecast 0.4% and after rising 0.5% in July. Year-over-year, the CPI rose 5.3% versus a forecast of 5.4%. The report falls into the camp of US monetary policy doves who want the Federal Reserve to hold back from tightening monetary policy, and that has pushed the US dollar index down a little and, in turn, supported metals.
Global equity markets were mixed in quieter overnight trading. The US stock indices are also mixed at noon.
The other major foreign market today sees Nymex crude oil futures prices higher, a five-week high and trading around $ 70.70 a barrel. Meanwhile, the benchmark 10-year US Treasury bond yield is 1.285%.
Tech-wise, October gold futures prices also had a bullish “outside day” today. Bulls have a slight short-term technical advantage. However, a four-week-old uptrend on the daily bar chart has stalled. The bulls’ next price target is to hit a close above solid resistance at the July high of $ 1,836.20. Bears’ next short-term target price is to push futures prices below solid technical support at $ 1,750.00. Initial resistance is seen at today’s high of $ 1,808.40 and then $ 1,823.60. Initial support can be found at today’s low of $ 1,778.60 and then at $ 1,772.00. Wyckoff’s market valuation: 5.5
![Live 24 hour silver chart [ Kitco Inc. ]](https://i3.wp.com/www.kitco.com/images/live/silver.gif)
The silver bears have the overall short term technical advantage. A four week old uptrend on the daily chart has been negated. The silver bulls’ next price target is to close above solid technical resistance at $ 25.00 an ounce. The next downside target for the bears is to close below solid support at the August low of $ 22.35. The first resistance is at $ 24.00 and then at $ 24.345. The next support is seen at the weekly low of $ 23.36 and then $ 23.00. Wyckoff’s market valuation: 4.0.
December NY Copper closed 470 points at 431.95 cents today. Prices closed closer to the session low today. The copper bulls have the overall slight short-term technical advantage. The copper bulls’ next target is to push and close above solid technical resistance at the July high of 458.60 cents. The next downside target for the bears is to close below solid technical support at the August low of 396.65 cents. Initial resistance is at 440.00 cents and then this week’s high of 447.15 cents. First support can be found at today’s low of 428.70 cents and then at 425.00 cents. Wyckoff’s market valuation: 5.5.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It is not an invitation to exchange goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article assume no responsibility for any loss and / or damage that might arise from the use of this publication.
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