(Kitco News) - Gold and silver prices are sharply lower in midday U.S. trading Wednesday. Today’s price action is still so far just routine downside corrections amid price uptrends still in place on the daily bar charts. However, selling pressure in the safe-haven metals today was also due to risk appetite that has increased at mid-week. December gold futures were last down $26.80 an ounce at 1,513.40. December Comex silver prices were last down $0.548 at $18.085 an ounce.
Selling pressure in gold and silver intensified Wednesday morning after the release of notes from a telephone call between President Trump and the leader of Ukraine. That phone call prompted the U.S. House of Representatives on Tuesday to open up an impeachment inquiry on Trump. Traders and investors apparently deemed the notes as not too damaging to Trump, as the U.S. stock market rallied in the wake of the notes' release.
Also, after harsh words directed toward China in a speech to the United Nations Tuesday, Trump toned down his rhetoric on China today and sounded more conciliatory on trade with China.
Still, with the U.S. House considering impeaching Trump, even though him actually getting removed from office seems unlikely at this time, the inquiry by the House is likely to bog down the U.S. government and could hamstring or even weaken Trump’s foreign policy agenda, including trade negotiations with China.
Brexit news is nearer the front burner again after the U.K. Supreme Court ruled that Prime Minister Boris Johnson acted illegally when he suspended Parliament.
Nymex crude oil prices are lower and trading around $56.25 a barrel. The other key outside market today sees the U.S. dollar index trading solidly higher and not far below this year’s high.
![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 nearer the session low in late trading. The bulls still have the firm overall near-term technical advantage amid a four-month-old uptrend still 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 the September low of $1,490.70. First resistance is seen at $1,525.00 and then at $1,535.00. First support is seen at today’s low of $1,507.40 and then at $1,500.00. 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 nearer the session low in late trading today. The silver bulls have the overall near-term technical advantage. A four-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 the September low of $17.47. First resistance is seen at $18.25 and then at $18.50. Next support is seen at today’s low of $17.935 and then at $17.75. Wyckoff's Market Rating: 6.5.
December N.Y. copper closed up 65 points at 261.30 cents today. Prices closed near the session high 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 this week’s high of 262.35 cents and then at 265.00 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.
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