(Kitco News) - Gold and silver prices are modestly higher in midday U.S. trading Tuesday. Safe-haven demand was featured again today and will likely continue in the near term after the weekend terrorist drone strike that crippled Saudi Arabia’s oil industry. The U.S. and Saudi Arabia are not likely to just sit on their hands, which will keep anxiety in the world marketplace elevated. December gold futures were last up $2.30 an ounce at 1,513.70. December Comex silver prices were last up $0.084 at $18.10 an ounce.
The other big markets event taking place this week is the meeting of the Federal Reserve’s Open Market Committee (FOMC) that began Tuesday morning and ends Wednesday afternoon with a statement. It’s widely believed the FOMC will lower U.S. interest rates by 0.25%. President Trump has been brow-beating the Fed recently to get on the stick and lower interest rates, to make the U.S. more competitive with other nations on trade.
The marketplace was somewhat disappointed China’s central bank did not move more aggressively to ease its monetary policy Tuesday, following some weak economic data the country released this week. However, China’s central bank could soon follow any U.S. rate cut with one of its own.
Nymex crude oil prices are sharply lower and trading around $60.00 a barrel. There was a report today that said Saudi Arabian oil production will be back on line much sooner than initially expected—within weeks, and not within months.
The other key outside market today sees the U.S. dollar index lower on a corrective pullback from recent gains.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, December gold futures prices were near the session high at midday. The bulls have the solid overall near-term technical advantage and are keeping in place a 3.5-month-old uptrend on the daily bar chart. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at the September high of $1,566.20. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,485.00. First resistance is seen at this week’s high of $1,519.70 and then at $1,525.00. First support is seen at $1,500.00 and then at the September low of $1,492.10. Wyckoff's Market Rating: 7.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
December silver futures prices were also near the session high. The silver bulls have the overall near-term technical advantage. A 3.5-month-old uptrend is still in place on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $19.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $17.00. First resistance is seen at $18.265 and then at last week’s high of $18.555. Next support is seen at this week’s low of $17.69 and then at last week’s low of $17.47. Wyckoff's Market Rating: 6.5.
December N.Y. copper closed down 150 points at 262.55 cents today. Prices closed near mid-range today. The copper bears have the overall near-term technical advantage. However, recent gains suggest this market has put in a bottom. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 275.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the September low of 248.20 cents. First resistance is seen at today’s high of 264.75 cents and then at 268.00 cents. First support is seen at today’s low of 260.60 cents and then at last week’s low of 259.00 cents. Wyckoff's Market Rating: 3.0.
