(Kitco News) - Gold and silver prices are higher in midday U.S. trading Monday, supported by safe-haven buying amid another sell off in the U.S. stock market in what history shows can be a turbulent month for the equities and financial markets. The two key "outside markets" are also bullish for the metals on this first day of the trading week: a weaker U.S. dollar index and solidly higher crude oil prices. December gold futures were last up $11.00 at $1,769.40. December Comex silver was last up down $0.129 at $22.665 an ounce.
Global stock markets were mixed but mostly lower in overnight trading. The U.S. stock indexes are solidly lower at midday. There is risk aversion in the marketplace to start the trading week. Reports said trading in the Chinese property giant Evergrande was halted in Hong Kong Monday, amid reports the troubled firm may be acquired by another firm. China's markets are closed for a national holiday, Golden Week, until Friday.
Meantime, the Biden administration and Democrats are continuing to struggle to agree on a big spending bill, while at the same time grappling with trying to get the U.S. debt limit raised so the government can pay its bills beyond this month.
Also, reports said mainland Chinese warplanes have been buzzing Taiwan airspace, with Taiwan officials asking the U.S. for help on the matter. The U.S. called the situation "destabilizing."
The key outside markets today see the U.S. dollar index weaker on a corrective pullback after hitting a 12-month high last week. Nymex crude oil futures are solidly higher, hit a nearly seven-year high, and are trading around $78.00 a barrel. Meantime, the 10-year U.S. Treasury note yield 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, December gold futures prices scored a bullish "outside day" up on the daily bar chart today. 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 $1,800.00. 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 $1,771.50 and then at $1,775.00. First support is seen at today's low of $1,747.70 and then at $1,737.50. Wyckoff's Market Rating: 4.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
December silver futures bears 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 $24.00 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 $22.805 and then at $23.00. Next support is seen at today's low of $22.29 and then at $22.00. Wyckoff's Market Rating: 2.0.
December N.Y. copper closed up 525 points at 424.10 cents today. Prices closed near mid-range today. The copper bulls and bears are back on a level overall near-term technical playing field amid recent choppy trading. 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 today's high of 430.30 cents and then at 435.00 cents. First support is seen at today's low of 417.75 cents and then at 410.00 cents. Wyckoff's Market Rating: 5.0.
