(Kitco News) - Gold and silver prices are moderately higher in midday U.S. trading Tuesday. A strong rally in raw commodity sector leader crude oil so far this week is keeping a floor under the metals markets. However, the safe-haven metals' gains are being limited as trader/investor risk appetite has significantly improved this week. February gold was last up $5.90 at $1,785.40 and March Comex silver was last up $0.272 at $22.535 an ounce.
Global stock markets were higher in overnight trading. U.S. stock indexes are sharply higher at midday. The worst fears of the Omicron variant are not materializing, so far, and risk appetite is back on the table for the marketplace. Oil prices are also rallying and U.S. Treasury bond yields are rising on ideas U.S. and global economic growth will not be seriously impacted by Omicron.
Traders and investors are keeping an eye on a phone call today between U.S. President Biden and Russian President Putin. The West thinks the Russians might be poised to invade Ukraine, as Russian troops are gathered near the Ukraine-Russia border.
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The key "outside markets" today see Nymex crude oil prices solidly higher again and trading around $72.50 a barrel. This week's strong gains in crude oil suggest the market last week put in a near-term bottom. The U.S. dollar index is slightly higher. Meantime, the yield on the U.S. Treasury 10-year note is presently fetching 1.441%.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, February gold futures bulls have the slight overall near-term technical advantage but need to show more power soon to keep it. Bulls' next upside price objective is to produce a close above solid resistance at $1,840.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the November low of $1,761.00. First resistance is seen at today's high of $1,789.30 and then at $1,800.00. First support is seen at today's low of $1,772.40 and then at last week's low of $1,762.20. Wyckoff's Market Rating: 5.5
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
March silver futures bears have the firm overall near-term technical advantage. Prices are in a three-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 the September low of $21.46. First resistance is seen at this week's high of $22.635 and then at $23.00. Next support is seen at last week's low of $22.035 and then at $22.00. Wyckoff's Market Rating: 2.5.
March N.Y. copper closed down 15 points at 433.60 cents today. Prices closed nearer the session low today. The copper bears have the slight overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the November high of 451.15 cents. The next downside price objective for the bears is closing prices below solid technical support at the November low of 420.00 cents. First resistance is seen at today's high of 439.25 cents and then at 445.00 cents. First support is seen at today's low of 420.25 cents and then at this week's low of 425.35 cents. Wyckoff's Market Rating: 4.5.
