(Kitco News) - Gold prices are solidly up in midday U.S. trading Tuesday and notched a nearly nine-year high of $1,810.80 as of this writing. Tuesday’s early, routine downside correction following recent gains was once again seen as a value-buying opportunity in the yellow metal, on strong notions more price appreciation lies ahead. Gold and silver markets remain firmly bullish from a charts perspective, which continues to invite technically oriented buyers. August gold futures were last up $14.80 an ounce at $1,808.30. September Comex silver prices were last up $0.073 at $18.66 an ounce.
Global stock markets were mostly lower in overnight trading. The U.S. stock indexes are mixed but mostly weaker at midday. There are growing notions the global stock markets have come too far, too fast, which is also prompting some safe-haven demand for gold and silver.
Ideas that central banks will have a reckoning in the coming months, after flooding world financial systems with cash in recent months, is also supportive for the metals markets, as they are historically a hedge against problematic inflation.
There were some downbeat economic projections released Tuesday from the OECD think tank and the European Commission. The OECD said global unemployment in 2020 will be the highest since the Great Depression of the 1930s. The EC said the Euro zone economy will shrink by 8.3% this year, which is a greater decline than its earlier forecast of minus 7.4%. German industrial production also came in weaker than expected today.
The important outside markets today see Nymex crude oil prices near steady and trading around $40.70 a barrel. The U.S. dollar index is slightly higher at midday. The yield on the benchmark U.S. Treasury 10-year note is currently around the 0.65% level.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, August gold bulls have the strong overall near-term technical advantage, to suggest still more upside in the near term. Prices are in a four-week-old uptrend on the daily bar chart. Gold bulls' next upside near-term price objective is to produce a close above technical resistance at $1,850.00. Bears' next near-term downside price objective is pushing prices below solid technical support at $1,754.00. First resistance is seen at today’s high of $1,810.80 and then at $1,820.00. First support is seen at $1,789.00 and then at today’s low of $1,781.20. Wyckoff's Market Rating: 9.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
September silver futures prices were nearer the session high at midday. The silver bulls have the solid overall near-term technical advantage. Prices are in a nearly four-month-old uptrend on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at the April high of $19.125 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the June low of $17.175. First resistance is seen at last week’s high of $18.85 and then at $19.00. Next support is seen at Monday’s low of $18.22 and then at $18.00. Wyckoff's Market Rating: 8.0.
September N.Y. copper closed up 185 points at 279.25 cents today. Prices closed nearer the session high today and hit another five-month high. The copper bulls have the solid overall near-term technical advantage. Prices are in a 3.5-month-old uptrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the January high of 290.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 260.00 cents. First resistance is seen at 280.00 cents and then at 282.50 cents. First support is seen at today’s low of 274.60 cents and then at 272.50 cents. Wyckoff's Market Rating: 7.5.
