(Kitco News) - Gold and silver prices are higher in midday U.S. trading Tuesday. The precious metals markets early this week are being supported by a pullback in the U.S. dollar index after its recent gains. There also may be some safe-haven demand creeping back into the metals markets, too. December gold futures were last up $15.70 at $1,898.00 and December Comex silver was last up $0.606 at $24.21 an ounce.
Global stock markets were mixed overnight. U.S. stock indexes are lower at midday. Risk aversion may be creeping back into the marketplace. The first U.S. presidential debate between Donald Trump and Joe Biden takes place in Cleveland, Ohio Tuesday night. While most agree the debates will change very few voters’ minds, the marketplace remains a bit skittish ahead of the debate, which is likely to produce some fireworks.
Covid-19 still looms in the background as a risk factor in the global marketplace. Cooler weather is coming in the Northern Hemisphere, and many believe rising infections in the coming months could shut down businesses again. And no successful vaccine appears in sight.
The important outside markets early today see the U.S. dollar index down again on a corrective pullback after hitting a two-month high late last week. Nymex crude oil prices are sharply lower and trading around $38.50. Meantime, the yield on the U.S. Treasury 10-year note is trading around 0.65% today.
The U.S. economic data point highlight of the week will be Friday morning’s monthly jobless report for September from the Labor Department. The key non-farm payrolls number is forecast at up 875,000 and the unemployment rate is forecast at 8.2%.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, December gold futures bulls have the overall near-term technical advantage and have some momentum early this week. However, a six-week-old downtrend is still in place on the daily bar chart. Bulls’ next upside price objective is to produce a close in October futures above solid resistance at $1,950.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the September low of $1,851.00. First resistance is seen at $1,910.00 and then at $1,920.00. First support is seen at the overnight low of $1,880.80 and then at $1,874.00. Wyckoff's Market Rating: 6.0.
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
December silver futures bulls have gained the overall near-term technical advantage. However, prices are still trending down on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $25.00 an ounce. The next downside price objective for the bears is closing prices below solid support at the September low of $21.81. First resistance is seen at $24.62 and then at $25.00. Next support is seen at today’s low of $23.51 and then at $23.00. Wyckoff's Market Rating: 6.0.
December N.Y. copper closed down 80 points at 298.15 cents today. Prices closed near mid-range again today. The copper bulls have the firm overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the September high of 312.10 cents. The next downside price objective for the bears is closing prices below solid technical support at the August low of 279.60 cents. First resistance is seen at this week’s high of 301.15 cents and then at 305.00 cents. First support is seen at today’s low of 295.50 cents and then at last week’s low of 291.35 cents. Wyckoff's Market Rating: 7.0.
