(Kitco News) - Gold and silver futures prices are higher in midday U.S. trading Tuesday, on important follow-through strength after big gains posted Monday, which suggests still more upside is coming in the near term. Gold hit a seven-week high today. The metals are seeing support from a seriously depreciating U.S. dollar on the foreign exchange market that saw the dollar index hit a 2.5-year low Monday. The specter of rising and possibly problematic price inflation on the horizon is also bullish for the metals. February gold futures were last up $8.10 at $1,955.00 and March Comex silver was last up $0.281 at $27.65 an ounce.
Focus in the U.S. Tuesday is on the two U.S. Senate seats in Georgia that are being voted upon today, with big implications. If both seats go to the Democrats, they would control the Senate. Outcomes of the elections may not be known until later this week. The stock market fares better in gridlock, which would be more likely if the Democrats did not control the Senate. The commodity markets would likely get a lift if the Senate is controlled by the Democrats, as government spending would likely increase.
The other important outside market sees February Nymex crude oil futures prices solidly higher and trading around $49.75 a barrel, very near the nine-month high posted Monday. Oil prices hit a nine-month high on Monday. 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 firm overall near-term technical advantage. A five-week-old price uptrend is 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 $1,900.00. First resistance is seen at $1,960.00 and then at $1,973.30. First support is seen at today’s low of $1,938.40 and then at $1,925.00. Wyckoff's Market Rating: 7.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
March silver futures were poised to close at a 3.5-month high close today. Silver futures bulls have the firm overall near-term technical advantage. A five-week-old price uptrend is in place on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at the August 2020 high of $30.365 an ounce. The next downside price objective for the bears is closing prices below solid support at $26.00. First resistance is seen at Monday’s high of $27.76 and then at $28.00. Next support is seen at today’s low of $27.15 and then at $27.00. Wyckoff's Market Rating: 7.0.
March N.Y. copper closed up 790 points at 363.40 cents today. Prices closed near the session high today. The copper bulls have the solid overall near-term technical advantage as prices hover near a nearly eight-year high scored last month. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the December high of 364.55 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 364.55 cents and then at 367.50 cents. First support is seen at 360.00 cents and then at today’s low of 355.60 cents. Wyckoff's Market Rating: 8.5.
