(Kitco News) - Gold futures prices are firmer in midday U.S. trading Tuesday, on a boost from a depreciating U.S. dollar on the foreign exchange market. Still, the safe-haven gold and silver bulls are being constrained by rallying U.S. and global equity markets that see the U.S. stock indexes hitting record highs again today. However, the indexes have backed down from their daily highs and that’s also providing some support to gold and silver. February gold futures were last up $4.90 at $1,885.30 and March Comex silver was last down $0.159 at $26.38 an ounce.
Global stock markets were mostly up overnight. For the year 2020 the Nasdaq index will gain around 43%, with the S&P 500 gaining around 15%, after it gained 29% in 2019. These numbers underscore how the stock market has really been the only game in town for most investors the past couple years. Easy money from the major central banks of the world during this time has helped propel the global equities markets. Still, many veteran market watchers that have lived through bear markets in stocks wonder when the present bullish and possibly well over-inflated balloon will finally pop.
The stock markets and investor risk appetite this week got a boost from the surprise weekend move by President Trump to sign a Covid-19 aid package for Americans. Then the U.S. House of Representatives on Monday voted to give Americans $2,000 payments instead of the $600 stipulated in the bill signed by Trump. Trump wants the $2,000 payments. Now, it’s up to the Republican-controlled U.S. Senate to agree to the increase, or defy Trump for the first time.
On Monday Covid-19 hospitalizations in the U.S. hit a new record high as the pandemic is still raging, keeping restrictions on businesses and the public in place and new ones being implemented. At present, traders and investors are preferring to focus on the current, major rollout of a Covid vaccine that is likely to tamp down the virus by summertime.
The U.S. dollar index is firmly lower in midday U.S. trading and not far above the recent 2.5-year low. The other important outside market sees February Nymex crude oil futures prices higher and trading around $48.15 a barrel. The yield on the benchmark 10-year U.S. Treasury note futures is currently around 0.95%.
![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 four-week-old price uptrend they are keeping alive 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 $1,900.00 and then at the December high of $1,912.00. First support is seen at Monday’s low of $1,873.00 and then at last week’s low of $1,859.00. 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 firm overall near-term technical advantage amid a four-week-old price uptrend in place on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at the December high of $27.635 an ounce. The next downside price objective for the bears is closing prices below solid support at $25.00. First resistance is seen at Monday’s high of $26.98 and then at $27.635. Next support is seen at $26.00 and then at $25.50. Wyckoff's Market Rating: 6.5.
March N.Y. copper closed down 35 points at 356.75 cents today. Prices closed near mid-range today. The copper bulls have the solid overall near-term technical advantage as prices hover near a nearly eight-year high scored this month. 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 Monday’s high of 361.80 cents and then at the December high of 364.55 cents. First support is seen at 353.00 cents and then at 350.00 cents. Wyckoff's Market Rating: 8.0.
