(Kitco News) - Gold and silver prices are moderately higher in midday U.S. trading Wednesday. A lower U.S. dollar index, a dip in U.S. Treasury yields and higher crude oil prices at mid-week are metals-friendly daily outside market forces. February gold was last up $9.50 at $1,798.20 and March Comex silver was last up $0.226 at $22.755 an ounce.
A bevy of U.S. economic data released today hit an insignificant impact on the precious metals markets. Gold and silver bulls were impressed by their metals' performances today despite the better risk appetite in the marketplace.
Global stock markets were mixed in overnight trading. U.S. stock indexes are higher at midday. President Biden on Tuesday afternoon said he and Sen. Joe Manchin will work on getting a U.S. spending bill complete, after Manchin nixed the latest White House proposal. That has helped to assuage the marketplace.
Trading activity in many markets is likely to wane to end the trading week, ahead of the Christmas holiday. Markets are closed on Friday.
The key "outside markets" today see Nymex crude oil prices higher and trading around $72.15 a barrel. The U.S. dollar index is lower today. Meantime, the yield on the U.S. Treasury 10-year note is presently fetching 1.467%.
![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 overall near-term technical advantage. A bull flag pattern has formed on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at the December high of $1,815.70. Bears' next near-term downside price objective is pushing futures prices below solid technical support the December low of $1,753.00. First resistance is seen at this week's high of $1,804.60 and then at $1,815.70. First support is seen at this week's low of $1,785.00 and then at $1,775.00. Wyckoff's Market Rating: 6.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
March silver futures prices hit another three-week high. The silver bears still have the overall near-term technical advantage. However, recent price action suggests a market bottom is in place. 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 $21.00. First resistance is seen at $23.00 and then at $23.25. Next support is seen at today's low of $22.44 and then at this week's low of $22.185. Wyckoff's Market Rating: 3.0.
March N.Y. copper closed up 290 points at 437.55 cents today. Prices closed nearer the session high today. The copper bulls and bears are on a level overall near-term technical playing field. 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 December low of 411.95 cents. First resistance is seen at today's high of 439.85 cents and then at 445.00 cents. First support is seen at today's low of 432.70 cents and then at 430.00 cents. Wyckoff's Market Rating: 5.0.
