Gold and silver prices are higher in midday U.S. futures trading Monday. Silver hit a six-week high and gold futures are poised to close at a six-week high close. Despite the upbeat tenor of the overall marketplace and a global stock markets rally, the safe-haven metals bulls are showing keen resilience and even some bullishness. Gold and silver traders are also focused more on the prospects of better worldwide demand for raw commodities in the coming new year. February gold futures were last up $6.90 an ounce at 1,487.80. March Comex silver prices were last up $0.266 at $17.49 an ounce.
Traders and investors are gearing up for the upcoming holidays, including squaring their books as the end of the year approaches, so trading interest and volumes are likely to be lighter the next week or so. Markets are closed Wednesday for the Christmas holiday.
Trader and investor risk appetite remains upbeat heading into the end of the year, as the U.S.-China trade war appears to be winding down. China over the weekend announced plans on January 1 to cut import tariffs on hundreds of products from all of its trading partners. Rhetoric from government officials on both sides has been positive the past couple weeks.
The key “outside markets” today see the U.S. dollar index near steady. Meantime, Nymex crude oil prices are near steady and trading around $60.50 a barrel after hitting a multi-month high last week.
Technically, February gold futures bulls have gained the overall near-term technical advantage and are now working on a mild price 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 $1,500.00. 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 the December high of $1,491.60 and then at $1,500.00. First support is seen at today’s low of $1,481.20 and then at last week’s low of 1,474.30. Wyckoff's Market Rating: 5.5
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188)
March silver futures prices hit a six-week high today. The silver bulls now have the slight overall near-term technical advantage as a three-month-old downtrend on the daily bar chart has been negated. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $18.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the December low of $16.00. First resistance is seen at last week’s high of $17.185 and then at the December high of $16.565. Next support is seen at today’s low of $17.23 and then at $17.00. Wyckoff's Market Rating: 5.5.
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
March N.Y. copper closed down 10 points at 280.50 cents today. Prices closed near mid-range in quiet trading. The copper bulls have the overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 295.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 270.00 cents. First resistance is seen at last week’s high of 283.40 cents and then at 285.00 cents. First support is seen at today’s low of 279.40 cents and then at 277.00. Wyckoff's Market Rating: 6.5.
