(Kitco News) - Gold and silver futures prices lower in midday U.S. trading Tuesday, pressured by profit taking from recent gains by the shorter-term futures traders. Also, the key outside markets are bearish for the metals on this day—higher U.S. dollar index and lower crude oil prices. Also, global stock markets have somewhat stabilized Tuesday after hitting some fresh Covid turbulence on Monday—somewhat reducing risk aversion. February gold futures were last down $12.50 at $1,870.50 and March Comex silver was last down $0.919 at $25.455 an ounce.
Global stock markets were mixed overnight, with Asian shares mostly down and European shares mostly firmer. U.S. stock indexes are weaker at midday. The global marketplace is still a bit edgy following the weekend news of a newly discovered and more easily transmissible strain of Covid-19 in the U.K. Several countries have banned travel to and from Britain. Some health experts said they believe the current Covid vaccines could be effective on the new mutation of the virus. However, it’s too soon to tell if the current Covid vaccines will be as effective on the new strain as on the original form of the virus.
Reports overnight said the U.K. and the European Union may be getting closer on reaching a smooth Brexit agreement.
The U.S. dollar index is higher at midday on a corrective rebound this week after hitting a 2.5-year low last week. The other important outside market sees February Nymex crude oil futures prices lower and trading around $47.25 a barrel. The yield on the benchmark 10-year U.S. Treasury note futures is currently trading around 0.92%.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, February gold futures bulls have the overall near-term technical advantage amid a price uptrend still in place on the daily bar chart. Bulls’ next upside price objective is to produce a close in December futures above solid resistance at the November high of $1,973.30. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,820.00. First resistance is seen at today’s high of $1,889.40 and then at $1,900.00. First support is seen at this week’s low of $1,859.00 and then at $1,850.00. Wyckoff's Market Rating: 6.0
March silver futures bulls have the overall near-term technical advantage amid a price uptrend still in place on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $28.00 an ounce. The next downside price objective for the bears is closing prices below solid support at $24.00. First resistance is seen at $26.00 and then at today’s high of $26.815. Next support is seen at this week’s low of $25.12 and then at $25.00. Wyckoff's Market Rating: 6.0.
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
March N.Y. copper closed down 565 points at 352.10 cents today. Prices closed nearer the session low again today and saw more profit taking after hitting a 7.5-year high last Friday. The copper bulls still have the solid overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 370.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 340.00 cents. First resistance is seen at today’s high of 359.25 cents and then at the December high of 364.55 cents. First support is seen at today’s low of 350.50 cents and then at 345.00 cents. Wyckoff's Market Rating: 7.5.
