(Kitco News) Gold prices are trading near steady in midday U.S. trading Wednesday, as the bulls once again stepped in to buy early weakness in a market that is still strongly bullish on the charts. Silver prices are solidly up and hit another 11-month high. August gold futures were last up $0.80 an ounce at $1,814.20. September Comex silver prices were last up $0.205 at $19.735 an ounce.
Global stock markets were mostly up Wednesday. The U.S. stock indexes are mixed at midday. The global marketplace at mid-week is mostly upbeat on reports that a Covid-19 vaccine trial by drug firm Moderna has produced successful results in creating robust antibodies for all of its recipients. This good news is usurping the latest U.S.-China developments that saw President Trump outline in a news conference late Tuesday several steps to further sanction China, including removing Hong Kong’s favored trade status. China immediately vowed retaliation. Asian shares were mostly lower on the rising U.S-China tensions.
The important outside markets today see Nymex crude oil prices higher and trading around $40.60 a barrel. There is an OPEC meeting beginning that most expect will see the cartel keep some form of its present production-cut quota. The U.S. dollar index is lower and hit a five-week low today. The yield on the benchmark U.S. Treasury 10-year note is currently around the 0.64% level.
Technically, the gold bulls have the strong overall near-term technical advantage. Bulls’ next upside price objective is to produce a close in August futures above solid resistance at $1,850.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at last week’s low of $1,779.20. First resistance is seen at today’s high of $1,819.50 and then at $1,825.50. First support is seen at today’s low of $1,805.00 and then at $1,800.00. Wyckoff's Market Rating: 8.5
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188)
September silver futures bulls have the solid overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at $20.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $18.00. First resistance is seen at today’s high of $19.815 and then at $20.00. Next support is seen at today’s low of $19.525 and then at Tuesday’s low of $19.24. Wyckoff's Market Rating: 8.5.
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/commentaries/2020-02-07/images/goldkitcofeb7th.png)
