(Kitco News) - Gold and silver prices are moderately up in midday U.S. trading Wednesday as the metals are seeing corrective rebounds from recent strong selling pressure. Bulls are working to stabilize the markets but have more work to do to suggest such. August gold futures were last up $6.50 at $1,783.90 and July Comex silver was last up $0.283 at $26.14 an ounce.
Global stock markets were flat to narrowly mixed overnight. The U.S. stock indexes are mixed at midday and are at or near their record highs. The marketplace at mid-week appears to be assuaged by comments made to U.S. lawmakers by Federal Reserve Chairman Jerome Powell this week that higher inflation is only transitory and that the Fed will not put the brakes on its easy money policies too soon.
In overnight news, the Euro zone’s composite purchasing managers index (PMI) flash number came in at 59.2 in June versus 57.1 in May, and also beat market expectations. The June composite PMI was the best number in 15 years. A reading above 50.0 suggests growth in the sector.
The key outside markets today see the U.S. dollar index slightly down. Nymex crude oil futures are higher and trading around $73.25 a barrel after hitting a 2.5-year high of $73.58. overnight. The yield on the benchmark U.S. Treasury 10-year note is presently fetching 1.475%.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, August gold futures bears have the overall near-term technical advantage. A three-week-old price downtrend is in place on the daily bar chart. A bearish flag or pennant pattern may be forming on the daily chart. Bulls’ next upside price objective is to produce a close above solid resistance at $1,826.40. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,700.00. First resistance is seen at today’s high of $1,795.60 and then at $1,800.00. First support is seen at Tuesday’s low of $1,771.20 and then at last week’s low of $1,761.20. Wyckoff's Market Rating: 4.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
July silver futures bears have the overall near-term technical advantage. A four-week-old price downtrend is in place on the daily bar chart. A bear flag or bearish pennant pattern may be forming 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 $25.00. First resistance is seen at today’s high of $26.37 and then at $26.555. Next support is seen at today’s low of $25.80 and then at this week’s low of $25.58. Wyckoff's Market Rating: 4.0.
July N.Y. copper closed up 965 points at 432.60 cents today. Prices closed nearer the session high and saw more short covering today. The copper bulls have regained the slight overall near-term technical advantage. However, a five-week-old downtrend is still in place on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 450.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 400.00 cents. First resistance is seen at today’s high of 434.25 cents and then at 440.00 cents. First support is seen at 425.00 cents and then at 420.00 cents. Wyckoff's Market Rating: 5.5.
