(Kitco News) - Gold and silver prices are solidly up near midday Wednesday. Gold prices hit a seven-week high and silver a four-week high. Both precious metals are enjoying near-term price uptrends in place on the daily bar charts, which continue to invite speculative buying interest, especially from the shorter-term, chart-based traders. June gold futures were last up $13.70 at $1,792.20 and May Comex silver was last up $0.66 at $26.50 an ounce.
U.S. stock indexes are up at midday. The U.S. indexes are pausing this week after hitting record highs last week. A spike in Covid-19 infections in several regions of the world is weighing a bit on trader/investor sentiment. There are also worries about new variants of the virus that present vaccines may not thwart. Focus of equity traders is also on quarterly earnings reports, which have been and are expected to continue to be mostly upbeat as the U.S. rolls out of its pandemic-inducted economic slowdown.
The key outside markets today see the U.S. dollar index weaker. The greenback bears are in control at present. Nymex crude oil prices are lower and trading around $62.20 a barrel. There are increasing concerns that the pandemic, which is still raging in some regions of the globe, could crimp energy demand. Meantime, the yield on the benchmark 10-year U.S. Treasury note is presently fetching around 1.58%.
U.S. economic data released Wednesday was again light but the pace picks up Thursday.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, June gold futures bulls have the overall near-term technical playing field as prices are in a fledgling uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $1,800.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at last week’s low of $1,723.20. First resistance is seen at $1,800.00 and then at $1,817.60. First support is seen at today’s low of $1,776.60 and then at this week’s low of $1,763.50. Wyckoff's Market Rating: 6.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
May silver futures bulls have the overall near-term technical advantage. Prices are in a fledgling uptrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $27.00 an ounce. The next downside price objective for the bears is closing prices below solid support at last week’s low of $24.68. First resistance is seen at $26.74 and then at $27.00. Next support is seen at $26.00 and then at this week’s low of $25.67. Wyckoff's Market Rating: 6.0.
May N.Y. copper closed up 670 points at 428.00 cents today. Prices closed nearer the session high today and closed at a six-week high close. 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 the February high of 437.55 cents. The next downside price objective for the bears is closing prices below solid technical support at the April low of 394.35 cents. First resistance is seen at this week’s high of 429.65 cents and then at 432.50 cents. First support is seen at today’s low of 420.50 and then at this week’s low of 415.20 cents. Wyckoff's Market Rating: 8.0.
