(Kitco News) - Gold and silver prices are higher and are at seven-week highs in midday U.S. futures trading Thursday. Gold is holding above the key $1,500.00 level and silver prices at one point moved above $18.00. Bullish charts and ideas of better demand for precious metals in the coming new year are driving prices up, despite global equity markets that are also pushing higher. February gold futures were last up $9.40 an ounce at 1,514.10. March Comex silver prices were last up $0.122 at $17.975 an ounce.
There is little markets-moving news in the global marketplace on the day after the Christmas holiday. Many European markets were closed Thursday for the Boxing Day holiday. The past several weeks have seen the geopolitical front quiet, which has squelched trader and investor worries and uncertainties and has allowed world stock markets to drift higher, with some stock indexes, including those in the U.S., hitting record highs. Veteran market watchers know the quiet trading atmosphere cannot go on indefinitely and are pondering the next event to upset the calm.
A feature in the global marketplace this week is the rallying gold and silver markets. The safe-haven metals are rallying despite little risk aversion in markets. Gold bulls are focusing on better demand for precious metals in 2020, amid outlooks for increased global economic growth in the new year.
The key “outside markets” today see the U.S. dollar index lower. Meantime, Nymex crude oil prices are higher and hit a seven-month high overnight, basis February futures, and trading around $61.65 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 have the firm overall near-term technical advantage amid an accelerating 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 $1,491.60. First resistance is seen at today’s high of $1,517.40 and then at $1,525.00. First support is seen at today’s low of $1,502.10 and then at 1,500.00. Wyckoff's Market Rating: 6.5
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
March silver futures bulls have the firm 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 $18.50 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 today’s high of $18.135 and then at $18.25. Next support is seen at today’s low of $17.81 and then at $17.50. Wyckoff's Market Rating: 6.5.
March N.Y. copper closed up 210 points at 284.85 cents today. Prices closed nearer the session high today and hit a 7.5-month high. The copper bulls have the firm overall near-term technical advantage. Prices are in a 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 275.00 cents. First resistance is seen at today’s high of 285.65 cents and then at 288.00 cents. First support is seen today’s low of 282.55 cents and then at at this week’s low of 279.40 cents. Wyckoff's Market Rating: 7.0.
