(Kitco News) - Gold and silver futures prices are moderately up in midday U.S. trading Wednesday. The precious metals are supported in part by bullish outside markets today that see the U.S. dollar index lower and crude oil prices higher. Gains have been limited, however, as global stock markets have stabilized at mid-week after being briefly roiled early Monday on new Covid-19 worries. February gold futures were last up $6.00 at $1,876.30 and March Comex silver was last up $0.23 at $25.765 an ounce.
Global stock markets were mostly up overnight. U.S. stock indexes are mixed at midday. The marketplace is not paying much attention to President Trump’s threat to not sign a U.S. stimulus package agreed upon by the Congress a few days ago. Trump wants more funding for individual Americans—triple the amount Congress agreed upon. Trump is not likely to veto the bill, and even if he does not sign it, it will still become law in 10 days.
Traders and investors are still somewhat tentative as medical experts continue to assess the implications of the new strain of Covid-19 that has hit the U.K and has likely spread to other countries, including the U.S. Many experts believe current Covid-19 vaccines will still work on the new mutation, which is more easily transmissible.
European markets were upbeat on continued progress between the U.K. and the European Union on a smooth Brexit deal. Some reports said a deal could be reached on the matter as soon as today.
The U.S. dollar index is lower today. The other important outside market sees February Nymex crude oil futures prices solidly up and trading around $48.20 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 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 Tuesday’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
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
March silver futures bulls have the overall near-term technical advantage amid a price uptrend in place on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at this week’s high of $27.635 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 Tuesday’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.
March N.Y. copper closed up 400 points at 356.00 cents today. Prices closed near the session high today. The copper bulls 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 Tuesday’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 347.80 cents and then at 345.00 cents. Wyckoff's Market Rating: 8.0.
