(Kitco News) - Gold and silver prices are higher in early-afternoon dealings Wednesday, on more safe-haven demand amid keener uncertainty in the marketplace, and on technically based buying. Gold futures closed at a six-year-high close today, while silver prices hit another three-year high. December gold futures were last up $6.30 an ounce at 1,561.80. December Comex silver prices were last up $0.308 at $19.54 an ounce.
While traders and investors around the globe breathed just a little easier with today’s news that Hong Kong’s leader withdrew from consideration a proposed law that would allow the extradition of Hong Kong citizens to mainland China for criminal trials, there still are other matters of serious concern. This proposed new Hong Kong law had been one of the reasons for the major protesting seen in Hong Kong the past few months. It’s too early to determine if this reversal of Hong Kong’s leader on the matter will be enough to quell the civil unrest.
The China-U.S. trade war remains on the front burner of the world marketplace, and has escalated in recent days. Volatile currency markets at present, Brexit wrangling in the U.K. and concerns about slowing world economic growth are also making the marketplace nervous.
The leader of the International Monetary Fund, Christine Lagarde, said Wednesday the European Central Bank needs an accommodative monetary policy for a period of time due to threats on the horizon. This comes after the Euro zone reported its retail sales for July fell 0.6% from June.
The U.K. economy could be tipping into recession amid the Brexit turmoil. Purchasing managers’ data for August, released today, was weaker than in July. The British pound this week hit a more-than-30-year low against the U.S. dollar.
The key “outside markets” today see Nymex crude oil prices sharply higher and trading around $56.50 a barrel. The U.S. dollar index is solidly lower on a normal downside correction after hitting a 27-month high Tuesday.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically, December gold futures prices closed nearer the session high today. The bulls have the strong overall near-term technical advantage. A three-month-old uptrend is in place on the daily bar chart. There are no early clues to suggest a market top is close at hand. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,600.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,500.00. First resistance is seen at the August high of $1,565.00 and then at $1,575.00. First support is seen at today’s low of $1,542.60 and then at $1,535.00. Wyckoff's Market Rating: 8.5
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
December silver futures prices closed near mid-range today. The silver bulls have the strong overall near-term technical advantage. A three-month-old uptrend is in place on the daily bar chart. There are no early chart clues to suggest a market top is close at hand. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $20.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at this week’s low of $18.365. First resistance is seen at today’s high of $19.69 and then at $20.00. Next support is seen at today’s low of $19.28 and then at $19.00. Wyckoff's Market Rating: 9.0.
December N.Y. copper closed up 660 points at 259.35 cents today. Prices closed near the session high on short covering after hitting a 2.5-year low Tuesday. The copper bears still have the solid overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 265.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 240.00 cents. First resistance is seen at 260.00 cents and then at 262.50 cents. First support is seen at 255.00 cents and then at today’s low of 252.75 cents. Wyckoff's Market Rating: 2.0.
