One week after the Federal Open Market Committee (FOMC), gold futures prices are still hurting and trading lower on this first trading day of November. Gold prices hit a four-week low overnight. December gold was last quoted down $5.40 at $1,136.00 an ounce. Pressuring the metal, is the perceived higher odds of a U.S. Federal Reserve interest rate hike in December, said Kitco Metals’ Senior Technical Analyst, Jim Wyckoff in an interview with Kitco News on Monday. ‘The gold and silver markets have been reeling since last week’s hawkish FOMC statement,’ he said. Technically, Wyckoff explained, the gold bears have the near-term technical advantage as prices have been trending lower for the past two and one-half weeks. ‘Prices Friday closed at a bearish weekly low close and hit a four-week low today. Bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,170.00. Bears' next near-term downside price breakout objective is closing prices below solid technical support at $1,100.00,’ he said. Adding to gold’s downside pressure was weak economic data coming out of China Monday. The Caixin China manufacturing purchasing managers’ index (PMI) rose to 48.3 in October from 47.2 in September. A reading below 50.0 suggests contraction in the sector. ‘The news helped to pressure Asian stock markets and raw commodity futures prices, including gold, silver and crude oil. China is the world’s largest raw commodity importer,’ Wyckoff said. Kitco News, November 2, 2015.