(Kitco News) - Gold prices are higher and poised to close at a two-week high close at midday Thursday. The safe-haven metal got a boost from a sell off in the U.S. stock market that was prompted in part by increases worries about a flu-type virus that is spreading from China. February gold futures were last up $6.70 an ounce at 1,563.40. March Comex silver prices were last down $0.028 at $17.80 an ounce.
The coronavirus impacting China has now killed at least 17 citizens there as China has locked down the city of 10 million people, Wuhan, reports said. Reports also said another city in China was locked down. At least one case of the virus has been found in the U.S. and one has been reported in Singapore. The U.S. State Department on Thursday advised U.S. citizens to reconsider traveling to the impacted regions of China. Markets are now keeping a closer eye on this matter as it appears to be intensifying.
President Trump’s trade threats against the European Union in an interview in Davos on Wednesday are also unsettling European traders.
The key European economic event today was the regular monetary policy meeting of the European Central Bank. There was no change in ECB policy, as expected, but ECB statement leaned just a bit easy on monetary policy as it said the ECB’s bond-buying program will continue “as long as necessary.”
The key outside markets today see crude oil prices sharply down, hitting a six-week low and trading around $55.30 a barrel. The U.S. dollar index is higher today. Gold prices may have seen more gains today, if not for these bearish outside markets.
![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 as a two-plus-month-old price uptrend in still 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 $1,590.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,536.40. First resistance is seen at this week’s high of $1,568.80 and then at $1,575.00. First support is seen at today’s low of $1,551.30 and then at this week’s low of 1,546.00. Wyckoff's Market Rating: 6.5
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
March silver futures hit a four-week low today. The silver bulls and bears are on a level overall near-term technical playing field. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the January high of $18.895 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 last week’s high of $18.185. Next support is seen at today’s low of $17.59 and then at $17.50. Wyckoff's Market Rating: 5.0.
March N.Y. copper closed down 530 points at 271.20 cents today. Prices closed near the session low and hit a six-week low today on more heavy profit taking and weak long liquidation after hitting an eight-month high last week. The copper bears have quickly gained the overall near-term technical advantage as a market top is likely in place. A four-month-old uptrend on the daily bar chart has been soundly negated. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 280.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 263.00 cents. First resistance is seen at 275.00 cents and then at today’s high of 277.25 cents. First support is seen at today’s low of 271.10 cents and then at 270.00 cents. Wyckoff's Market Rating: 4.5.
