(Kitco News) - Gold prices are slightly higher and silver is posting good gains in midday U.S. trading Wednesday, on upside corrections from Tuesday’s selling pressure. Rallying global equity markets this week are still a bearish weight on the safe-haven metals. April gold futures were last up $1.30 at $1,834.70 and March Comex silver was last up $0.558 at $26.96 an ounce.
Global stock markets were mostly firmer overnight. U.S. stock indexes are mostly firmer at midday. The U.S. indexes have made strong recoveries after the recent declines. Stock index prices are back near their recent record highs. Risk appetites are more upbeat this week amid generally good corporate earnings reports and ideas Americans will soon get another stimulus package from the government, along with a boost in federal spending in areas such as infrastructure.
The key “outside markets” today see the U.S. dollar index slightly down on a downside correction after hitting a seven-week high Tuesday. The resurgent greenback has also been a negative element for the precious metals markets. Meantime, Nymex crude oil futures prices are solidly higher and hit another 12-month high, trading around $56.00 a barrel. The up-trending crude oil market is a bullish element for the metals and the raw commodity sector. The yield on the benchmark 10-year U.S. Treasury note stands at 1.12%.
Technically, April gold futures bulls and bears are on a level overall near-term technical playing field amid the recent choppy trading. Bulls’ next upside price objective is to produce a close above solid resistance at $1,900.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the January low of $1,804.70. First resistance is seen at $1,850.00 and then at Tuesday’s high of $1,866.30. First support is seen at today’s low of $1,830.10 and then at $1,821.30. Wyckoff's Market Rating: 5.0
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
March silver futures bulls ran out of gas after pushing prices to an eight-year high Monday, and now they are just trying to stabilize the market. The silver bulls still have the overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at this week’s high of $30.35 an ounce. The next downside price objective for the bears is closing prices below solid support at $25.00. First resistance is seen at today’s high of $27.26 and then at $27.77. Next support is seen at this week’s low of $26.46 and then at $26.00. Wyckoff's Market Rating: 6.5.
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
March N.Y. copper closed up 370 points at 356.15 cents today. Prices closed near the session high today. The copper bulls still have the firm overall near-term technical advantage but have faded recently. A price uptrend on the daily bar chart has been negated and prices have been trending down for four weeks. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the January high of 373.40 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 this week’s high of 358.50 cents and then at 360.00 cents. First support is seen at last week’s low of 349.10 cents and then at 345.00 cents. Wyckoff's Market Rating: 6.5.
