(Kitco News) - Gold prices are solidly higher and silver slightly lower in midday U.S. trading Tuesday. On this last trading day of the month, of the quarter and of the year, position evening is featured in many markets, including precious metals. Traders and investors are also awaiting a fresh fundamental spark to drive the markets. The New Year holiday on Wednesday sees most markets worldwide closed. February gold was last up $22.80 at $2,640.90 and March silver was down $0.132 at $29.28.
The key outside markets today see the U.S. dollar index higher. Nymex crude oil futures prices are firmer and trading around $71.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently around 4.6%.
Technically, February gold futures bulls and bears are on a level overall near-term technical playing field. Bulls’ next upside price objective is to produce a close above solid resistance at $2,700.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the November low of $2,565.00. First resistance is seen at $2,650.00 and then at last week’s high of $2,655.70. First support is seen at $2,625.00 and then at this week’s low of $2,608.40. Wyckoff's Market Rating: 5.0.
March silver futures bears have the overall near-term technical advantage. A nine-week-old downtrend is in place on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $31.00. The next downside price objective for the bears is closing prices below solid support at the August low of $27.39. First resistance is seen at $30.00 and then at last week’s high of $30.485. Next support is seen at the December low of $29.145 and then at $29.00. Wyckoff's Market Rating: 3.0
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