(Kitco News) - Gold prices are firmly higher and hit a three-week high in midday U.S. trading Tuesday. Harsh language from President Trump toward China and Iran prompted a sell-off in the U.S. stock market, the U.S. dollar index and crude oil. That, in turn, prompted some buying interest in safe-haven gold. Technical traders also once again took the opportunity to “buy the dip” in gold prices following early pressure. December gold futures were last up $8.70 an ounce at 1,540.20. December Comex silver prices were last down $0.076 at $18.635 an ounce.
In a speech to the United Nations in New York the unabashed Trump called out China for “gaming” the world trading system. It’s hard to imagine the Chinese leadership not hardening their stance against the U.S. following today’s dressing down of the world’s most populous nation by Trump, in front of a world body. Trump also warned the U.N. how dastardly is the present Iranian regime, spreading fear and terror in the Middle East and worldwide. The U.S. president also said the days of “globalization” are over, with nationalism gaining more favor worldwide.
Trader and investor attitudes were a bit more upbeat early on today, until Trump’s speech.
Nymex crude oil prices are lower and trading around $57.25 a barrel at midday. The other key outside market today sees the U.S. dollar index trading slightly lower.
![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 highs at midday and hit a three-week high today. The bulls have the solid overall near-term technical advantage amid a four-month-old uptrend in place 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 $1,510.00. First resistance is seen at $1,550.00 and then at $1,566.20. First support is seen at $1,535.00 and then at $1,525.00. Wyckoff's Market Rating: 8.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
December silver futures prices were nearer the session high at midday and hit a three-week high today. The silver bulls have the solid overall near-term technical advantage. A four-month-old uptrend is 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 the September low of $17.47. First resistance is seen at today’s high of $18.81 and then at $19.00. Next support is seen at today’s low of $15.315 and then at $18.00. Wyckoff's Market Rating: 7.0.
December N.Y. copper closed down 60 points at 260.50 cents today. Prices closed nearer the session low today. The copper bears have the overall near-term technical advantage. 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 264.75 cents and then at 268.00 cents. First support is seen at this week’s low of 257.25 cents and then at 255.00 cents. Wyckoff's Market Rating: 3.0.
