(Kitco News) - One signal of a bull market still in progress is when dips are viewed as buying opportunities by many traders. Such is the case in the gold and silver markets, as today’s early losses were regained in gold, and silver regained most of its earlier losses. To put it another way, both metals continue to show resilience when the market bears do attack. Gains in both metals were again limited today by a higher U.S. dollar index on this day. December gold futures were last up $0.20 at $1,907.50 and December Comex silver was last down $0.165 at $24.23 an ounce.
Global stock markets were mostly down overnight. U.S. stock indexes are lower at midday. The worrisome spread of the Covid-19 virus in major industrialized countries and elsewhere, with Europe getting hit extra hard, has traders and investors in more risk averse modes late this week. France declared a state of emergency on Wednesday, regarding the spreading virus.
Reports Wednesday the U.S. Congress is nowhere close to a second, new major stimulus package for Americans has also dampened trader and investor sentiment. The marketplace is also getting a bit more jittery ahead of the U.S. elections in less than three weeks.
The important outside markets early today see the U.S. dollar index higher and the bulls are having a good week. Nymex crude oil prices are lower and trading around $40.25 a barrel. The yield on the benchmark U.S. 10-year Treasury note is 0.698% today.
![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 as trading has turned choppy. Bulls’ next upside price objective is to produce a close in December futures above solid resistance at the October high of $1,939.40. 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 Wednesday’s high of $1,917.50 and then at Tuesday’s high of $1,930.60. First support is seen at this week’s low of $1,885.00 and then at last week’s low of $1,877.10. Wyckoff's Market Rating: 6.5
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
December silver futures bulls have the overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at $27.00 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 $24.725 and then at $25.00. Next support is seen at today’s low of $23.65 and then at $22.965. Wyckoff's Market Rating: 6.0.
December N.Y. copper closed up 265 points at 307.70 cents today. Prices closed near the session high today. The copper bulls have the solid overall near-term technical advantage amid choppy trading at higher levels. 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 October low of 283.45 cents. First resistance is seen at last week’s high of 309.80 cents and then at 312.10 cents. First support is seen at today’s low of 302.45 cents and then at 300.00 cents. Wyckoff's Market Rating: 7.5.
