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(Kitco News) – Gold and silver prices are lower in early US trading Tuesday as risk aversion eased somewhat earlier this week in what is now a calm trading environment. The bulls of the safe havens need a fundamental spark to set price rallies in motion. October gold futures were last down $ 9.70 to $ 1,782.60. Comex silver last fell $ 0.321 to $ 23.475 an ounce in December.
Global equity markets were mixed in quieter overnight trading. The US stock indices point to slightly higher openings at the start of the New York day session. The August US Consumer Price Index report will be available on Tuesday. The consumer price index is forecast to rise 0.4%, after a rise of 0.5% in July. Compared to last year, the CPI rose 5.4% in August – just like in July.
The most important foreign markets see the US dollar index slightly lower today. Nymex crude oil futures prices are higher, hitting a five-week high, and trading at around $ 71.00 a barrel. Meanwhile, the benchmark 10-year US Treasury bond yield is 1.341%.
Other US economic data slated to be released Tuesday includes retail chain and Johnson Redbook weekly sales reports, and the NFIB Small Business Index.
Technically, the gold futures bulls still have a slight overall technical advantage in October, but they are fading and will soon have to show renewed vigor to keep their lead. 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 of $ 1,775.00. Initial resistance is seen at the overnight high of $ 1,794.00 and then $ 1,800.00. Initial support is found at last week’s low of $ 1,780.80 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. The silver bulls’ next price target is the December futures closing price 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. Initial resistance is seen at this week’s high of $ 23.89 and then $ 24.00. The next support is seen at Monday’s low of $ 23.36 and then $ 23.00. Wyckoff’s market valuation: 4.0.
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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