(Kitco News) - Gold and silver prices are higher in midday U.S. trading Wednesday. Bulls stepped in to buy Tuesday's dips in the metals' prices, which is a sign of strong markets. Gold and silver as an inflation hedge remains the major bullish element in the marketplace at present. December gold was last up $14.20 at $1,868.20 and December Comex silver was last up $0.196 at $25.15 an ounce.
Global stock markets were mixed in overnight trading. The U.S. stock indexes are also mixed at midday. Focus for U.S. equities traders remains on corporate earnings, which have been upbeat. Also, holiday spending is under way and that has businesses and investors in good moods. Still, markets are pausing due to inflation worries and concerns about rising Covid-19 cases in Asia and Europe.
In overnight news, the Euro zone October consumer price index was reported up 0.8% from September and up 4.1%, year-on-year. Meantime, The U.K. reported its consumer inflation rate at up 4.2% in October, year-on-year, for the biggest rise in a decade. Those numbers are around twice as hot as the European Central Bank and Bank of England say they would like to see. More and more "hot price" economic data like this only reaffirms inflation and even problematic inflation will likely be hanging around a while.
The key outside markets today see the U.S. dollar index weaker after hitting another 15-month high overnight. Nymex crude oil prices are solidly lower and trading around $78.85 a barrel. The 10-year U.S. Treasury note yield is presently fetching 1.628%.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, December gold futures bulls have the firm overall near-term technical advantage. Prices are in a six-week-old uptrend on the daily bar chart. 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 $1,800.00. First resistance is seen at this week's high of $1,879.50 and then at $1,885.00. First support is seen at this week's low of $1,851.00 and then at $1,839.00. Wyckoff's Market Rating: 7.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
December silver futures bulls have the overall near-term technical advantage amid a six-week-old uptrend in place on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $26.13 an ounce. The next downside price objective for the bears is closing prices below solid support at the November low of $23.045. First resistance is seen at this week's high of $25.49 and then at $25.75. Next support is seen at this week's low of $24.825 and then at $24.50. Wyckoff's Market Rating: 6.0.
December N.Y. copper closed down 745 points at 427.75 cents today. Prices closed nearer the session low today and hit a five-week low. 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 450.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 415.00 cents. First resistance is seen at today's high of 436.05 cents and then at 440.00 cents. First support is seen at today's low of 426.85 cents and then at 422.50 cents. Wyckoff's Market Rating: 4.0.
