(Kitco News) - Gold and silver prices are higher in midday U.S. trading Monday, with the yellow metal pushing back above the psychologically important $1,800.00 level and as silver closes in on $25.00. The metals markets are boosted by increasing worries about rising price inflation. More and more economists and veteran market watchers are predicting the bout of rising global inflation is something more than just a transitory event. December gold futures were last up $13.20 at $1,809.40. December Comex silver was last up $0.166 at $24.615 an ounce.
Global stock markets were mixed in overnight trading. The U.S. stock indexes are firmer in midday U.S. trading. It's another big week for U.S. corporate earnings, which have generally been very positive and are helping push the indexes solidly higher from their early October lows. For the moment the upbeat earnings reports are overshadowing worries about "stagflation," which means rising prices and stagnant global economic growth. The mainstream media has recently highlighted the shipping bottlenecks, especially on the U.S. west coast.
News reports over the weekend said the Biden Administration may be getting closer to having the Senate votes for a pared down government spending plan.
The key outside markets today see the U.S. dollar index firmer. Crude oil prices are higher and trading around $84.00 a barrel after hitting a seven-year high overnight. Don't be surprised if continually rising energy prices heading into the Northern Hemisphere winter start to sap trader and investor sentiment. Meantime, the 10-year U.S. Treasury note yield is presently fetching 1.656%.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, December gold futures bulls have the overall near-term technical advantage amid a four-week-old price uptrend in place on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at the September high of $1,836.90. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,750.00. First resistance is seen at last week's high of $1,815.50 and then at $1,825.00. First support is seen at $1,800.00 and then at today's low of $1,793.00. Wyckoff's Market Rating: 6.5
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
December silver futures bulls have the overall near-term technical advantage. Prices are in a four-week-old uptrend on the daily chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $25.00 an ounce. The next downside price objective for the bears is closing prices below solid support at $23.00. First resistance is seen at today's high of $24.695 and then at the September high of $24.945. Next support is seen at $24.185 and then at $24.00. Wyckoff's Market Rating: 6.5.
December N.Y. copper closed up 410 points at 453.90 cents today. Prices closed near mid-range. The copper bulls have the overall near-term technical advantage but have faded recently. Prices are still in a four-week-old uptrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the October high of 482.30 cents. The next downside price objective for the bears is closing prices below solid technical support at 430.00 cents. First resistance is seen at 460.00 cents and then at 465.00 cents. First support is seen at today's low of 450.15 cents and then at last week's low of 446.10 cents. Wyckoff's Market Rating: 6.5.
