(Kitco News) - Gold and silver prices are solidly up in midday U.S. trading Thursday, on good corrective rebounds after gold hit a six-week low and silver a 14-month low on Tuesday. Short covering by the shorter-term futures traders was seen today, as well as some bargain hunting after the recent dip. A sell off in the U.S. stock market today also prompted a bit of safe-haven demand for the metals. December gold futures were last up $36.20 at $1,759.20. December Comex silver was last up $0.51 at $21.995 an ounce.
Risk aversion had abated a bit late this week—until the U.S. stock indexes solid off in morning dealings Thursday. The historically turbulent month of September is ending Thursday, with the month showing traders and investors a bumpy ride. Many are wondering if the also historically rocky month of October could show more of the same, or worse.
Thursday is the last trading day of the month and of the quarter, which makes it an extra important trading day from a technical perspective.
The key outside markets today see the U.S. dollar index near steady after hitting a 12-month high overnight. Nymex crude oil futures are higher and trading around $75.75 a barrel. Meantime, the 10-year U.S. Treasury note yield is presently fetching around 1.52%.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, December gold futures bears still have the overall near-term technical advantage. A four-week-old price downtrend is still in place on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $1,788.40. 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 $1,765.00 and then at $1,775.00. First support is seen at $1,750.00 and then at $1,740.00. Wyckoff's Market Rating: 3.5
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
December silver futures bears still have the solid overall near-term technical advantage. Prices are in a four-week-old downtrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $23.50 an ounce. The next downside price objective for the bears is closing prices below solid support at $20.00. First resistance is seen at today’s high of $22.225 and then at $22.50. Next support is seen at this week’s low of $21.41 and then at $21.00. Wyckoff's Market Rating: 1.5.
December N.Y. copper closed down 1,035 points at 409.60 cents today. Prices closed nearer the session low again today and closed at a technically bearish monthly low close. The copper bears have gained the overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the September high of 447.15 cents. The next downside price objective for the bears is closing prices below solid technical support at the August low of 396.65 cents. First resistance is seen at 420.00 cents and then at Wednesday’s high of 425.75 cents. First support is seen at today’s low of 405.35 cents and then at the September low of 401.60 cents. Wyckoff's Market Rating: 4.0.
