(Kitco News) - Gold and silver prices are solidly higher and are at six-week highs in midday trading Tuesday. Gold prices pushed back above the psychologically important $1,500.00 level. Heading into the holidays and the end of the year, the safe-haven metals bulls are much more confident as the technical postures for gold and silver have turned positive. Importantly, other raw commodity markets are perking up, including the grains, softs markets and crude oil. Such suggests traders and investors are expecting better global economic growth in 2020. That would mean increased demand for raw commodities, including the precious metals. February gold futures were last up $15.80 an ounce at 1,504.80. March Comex silver prices were last up $0.356 at $17.855 an ounce.
Gold traders today took note of a comment by Blackstone’s Byron Wien on CNBC: “Watch gold in 2020.” Others, too, are thinking good times lie ahead for the yellow metal—judging by it’s late-year rally despite record gains in U.S. equities.
Asian and European stock indexes were mostly slightly up in more quiet trading overnight. The U.S. stock indexes were off a bit at midday but still close to their record highs set Monday.
Markets are closed Wednesday for the Christmas holiday and many, including the U.S. stock markets, closed early today.
The geopolitical front has been quieter for many weeks, including U.S.-China trade tensions relaxing the past couple weeks, and that’s making for a “risk-on” trading environment that is boosting global equities. Notions of better global economic growth in the coming new year are also lifting raw commodity markets, with crude oil leading the way.
The key “outside markets” today see the U.S. dollar index slightly higher. Meantime, Nymex crude oil prices are up and trading around $61.00 a barrel after hitting a multi-month high last week.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, February gold futures bulls have the overall near-term technical advantage and gained more power today, amid a mild price 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 $1,550.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,475.00. First resistance is seen at $1,510.00 and then at $1,520.00. First support is seen at $1,491.60 and then at 1,480.00. Wyckoff's Market Rating: 6.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
March silver futures bulls have the overall near-term technical advantage amid a fledgling price uptrend in place on the daily bar chart. 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 $17.00. First resistance is seen at $18.00 and then at $18.25. Next support is seen at today’s low of $17.425 and then at this week’s low of $17.23. Wyckoff's Market Rating: 6.0.
March N.Y. copper closed up 165 points at 282.50 cents today. Prices closed nearer the session high today. The copper bulls have the overall near-term technical advantage. Prices are in a nearly four-month-old uptrend on the daily bar chart. 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 this week’s low of 279.40 cents and then at 277.00. Wyckoff's Market Rating: 6.5.
