(Kitco News) - Gold prices are up in midday U.S. trading Wednesday and have scored another nine-year high of $1,829.80 in September futures. Meantime, silver prices notched a 10-month high as the precious metals bulls are pressing the accelerator hard. Both markets remain strongly bullish from a charts perspective, suggesting still more upside in the near term. August gold futureswere last up $13.00 an ounce at $1,822.80. September Comex silver prices were last up $0.466 at $19.17 an ounce.
Safe-haven demand is also seen in gold and silver amid the rise in Covid-19 infections and on worries about the longer-term ramifications of central banks opening up their spigots of free-flowing cash into their financial systems. Gold bulls are reckoning the piper will be paid at some point down the road.
Global stock markets were mixed in overnight trading. China’s stock market continues to surge following a government-owned media story telling Chinese investors it’s time to buy shares. The U.S. stock indexes are slightly up at midday. Many global stock markets have paused at mid-week following recent rallies. It could be that the alarming rise in Covid-19 cases in some countries, including the U.S., has finally dented trader and investor risk appetite. The U.S. reported a daily record of 60,000 new Covid cases on Tuesday.
In other news, President Trump is now pressuring U.S. state governors to open public schools in the fall, in an effort to further reopen the U.S. economy.
The important outside markets today see Nymex crude oil prices up and trading around $41.00 a barrel. The U.S. dollar index is lower at midday today. The yield on the benchmark U.S. Treasury 10-year note is currently around the 0.67% level.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, August gold futures prices were nearer the session high at midday. The 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 $1,829.80 and then at $1,840.00. First support is seen at today’s low of $1,803.30 and then at $1,800.00. Wyckoff's Market Rating: 9.5
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
September silver futures were also nearer the session high at midday today. The silver bulls have the solid overall near-term technical advantage and gained more power today. Prices are in a four-month-old uptrend on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at the 2019 high of $19.54 an ounce. The next downside price objective for the bears is closing prices below solid support at $18.00. First resistance is seen at today’s high of $19.215 and then at $19.50. Next support is seen at today’s low of $18.585 and then at this week’s low of $18.22. Wyckoff's Market Rating: 8.5.
September N.Y. copper closed up 265 points at 282.35 cents today. Prices closed near the session high today and hit a nearly six-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 285.00 cents and then at 287.50 cents. First support is seen at today’s low of 278.50 cents and then at 275.00 cents. Wyckoff's Market Rating: 8.0.
