(Kitco News) - Gold and silver prices are moderately higher in midday U.S. futures trading Tuesday. Downside price corrections overnight were viewed as a buying opportunity and prices pushed higher in the day session, after gold hit a nearly seven-year high Monday and silver notched a more-than-three-month high. February gold futures were last up $4.60 an ounce at 1,573.30. March Comex silver prices were last up $0.201 at $18.375 an ounce.
It appears risk aversion in the global marketplace has at least temporarily subsided following last week’s geopolitical shockwave that occurred when a U.S. drone strike killed a leading Iranian general in Baghdad, Iraq. It could be that many traders and investors figure Iran will not execute a major retaliation against the U.S. and its vaunted military, knowing such a move would invite a likely massive and devastating counter-attack from the U.S.—as was threatened by President Trump in a weekend tweet. Other veteran market watchers reckon Iran will retaliate against the U.S. but not right away. However, virtually all market participants agree the U.S. drone strike further stokes and already volatile Middle East.
The key “outside markets” today see crude oil prices lower and trading around $62.50 a barrel. Meantime, the U.S. dollar index is higher.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, Monday’s high of $1,590.90 in February gold futures is still strong overhead technical resistance for the bulls to overcome. The bulls do have the solid overall near-term technical advantage amid a seven-week-old 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 $1,590.90. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,530.00. First resistance is seen at $1,580.00 and then at $1,585.00. First support is seen at $1,556.60—the bottom of Monday’s upside price gap on the daily bar chart--and then at 1,550.00. Wyckoff's Market Rating: 8.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
March silver futures prices closed at a 3.5-month high close today. The silver bulls have the firm overall near-term technical advantage amid a four-week-old price uptrend 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 $17.50. First resistance is seen at this week’s high of $18.55 and then $18.75. Next support is seen at $18.00 and then at last week’s low of $17.83. Wyckoff's Market Rating: 7.0.
March N.Y. copper closed up 30 points at 279.30 cents today. Prices closed near mid-range today. The copper bulls have the overall near-term technical advantage. However, a four-month-old uptrend on the daily bar chart is now in jeopardy. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 290.00 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 today’s high of 280.40 cents and 283.00 cents. First support is seen at last week’s low of 275.95 cents and then at 273.00 cents. Wyckoff's Market Rating: 6.5.
