(Kitco News) - Gold and silver prices are moderately higher in midday U.S. trading Tuesday. The safe-haven metals are benefiting just a bit from world stock markets that are this week seeing buying interest squelched by uncertainty ahead of two key events. February gold futures were last up $3.10 an ounce at 1,467.80. March Comex silver prices were last up $0.048 at $16.69 an ounce.
Risk aversion has crept back into stock and financial markets early this week. Next Sunday (Dec. 15) is the deadline for the imposition of new tariffs on Chinese imports into the U.S. If those new tariffs are allowed by President Trump to go into effect, then the U.S.-China trade war would likely escalate and no partial trade deal would be in sight, most believe. China says it wants a deal and reports today said the Dec. 15 deadline will be extended. That news lifted U.S. stock indexes just slightly. Still, the slightly keener uncertainty as the deadline approaches is likely to keep market participants tentative the rest of this week.
Traders and investors are also a bit anxious ahead of the U.S. economic highlight of the week: the Federal Reserve’s Open Market Committee meeting (FOMC) that began Tuesday morning and ends Wednesday afternoon with a statement. The Fed is expected to make no changes in its monetary policy. However, as usual the FOMC statement and comments from Fed Chairman Powell will be parsed for clues on the future direction and timing of U.S. monetary policy. The European Central Bank also meets on monetary policy Thursday.
The key “outside markets” today see the U.S. dollar index weaker. Meantime, Nymex crude oil prices are slightly up and trading around $59.25 a barrel.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, February gold futures bulls and bears are on a level overall near-term technical playing field amid recent choppy and sideways trading. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at the December high of $1,489.90. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the November low of $1,453.10. First resistance is seen at $1,475.00 and then at $1,480.00. First support is seen at this week’s low of $1,463.00 and then at $1,456.60. Wyckoff's Market Rating: 5.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
March silver futures were near mid-range on tepid short covering after hitting a four-month low Monday. The silver bears have the overall near-term technical advantage. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $17.50 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $16.00. First resistance is seen at $17.00 and then at last week’s high of $17.415. Next support is seen at $16.50 and then at $16.25. Wyckoff's Market Rating: 4.0.
March N.Y. copper closed up 85 points at 276.75 cents today. Prices closed nearer the session high and hit another 4.5-month high today. The copper bulls have gained the overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the July high of 280.90 cents. The next downside price objective for the bears is closing prices below solid technical support at 260.00 cents. First resistance is seen at today’s high of 277.00 cents and then at 280.90 cents. First support is seen at this week’s low of 272.00 cents and then at 270.00 cents. Wyckoff's Market Rating: 6.0.
