(Kitco News) - Gold and silver prices are moderately up in midday U.S. futures trading Monday. The coronavirus outbreak escalated over the weekend and that is helping to support the safe-haven metals. The gold bulls had a good week last week, as they stabilized the market and are now working on restarting a price uptrend on the daily bar chart. The safe-haven metals bulls have also proven resilient recently, in the face of rallies in global stock markets. February gold futures were last up $6.80 an ounce at 1,580.10. March Comex silver prices were last up $0.108 at $17.80 an ounce.
Asian and European shares were mostly weaker overnight as traders and investors have put the coronavirus outbreak back to the front burner of the marketplace. There is not a consensus on the ultimate impact of the virus on the global economy, but worries are not receding. The coronavirus outbreak now has over 900 reported dead in China, which surpasses the SARS outbreak that occurred over 15 years ago. There are now over 40,000 Chinese citizens afflicted with the illness. The World Health Organization said the coronavirus rate of spread could accelerate. Reports also said some manufacturers in China, especially auto makers, have had to stop their assembly lines due to lack of materials for production. Some analysts are saying the coronavirus outbreak in China will have a more negative impact on the domestic economy than the trade war with the U.S.
The key outside markets today see crude oil prices weaker and trading around $49.50 a barrel. Meantime, the U.S. dollar index is higher and hit a nine-month high today. This is another signa of the gold and silver markets’ resilience—being able to hold gains despite bearish outside markets.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, April gold futures bulls have the overall near-term technical advantage. However, they need to show more power to restart a three-month-old 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 the February high of $1,598.50. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,542.80. First resistance is seen at $1,595.00 and then at $1,590.00. First support is seen at today’s low of $1,571.50 and then at last Friday’s low of 1,563.50. 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 and bears are on a level overall near-term technical playing field amid choppy trading conditions. A fledgling downtrend line is still in place on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at last week’s high of $18.375 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 $18.125. Next support is seen at last week’s low of $17.465 and then at the January low of $17.28. Wyckoff's Market Rating: 5.0.
March N.Y. copper closed down 15 points at 255.15 cents today. Prices closed nearer the session low today. The copper bears have the firm overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 270.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the February low of 248.75 cents. First resistance is seen at today’s high of 257.60 cents and then at 260.00 cents. First support is seen at today’s low of 254.00 cents and then at 252.00 cents. Wyckoff's Market Rating: 2.0.
