(Kitco News) - Gold prices are higher and hit a two-month high in midday trading Tuesday. Silver prices are holding slight gains. It's a general "risk-off" trading mentality in the marketplace early this week, and that's prompting buying interest in the safe-haven metals. February gold futures were last up $6.60 at $1,848.30 and March Comex silver was last up $0.04 at $23.84 an ounce.
Russia appears poised to invade Ukraine and that has the marketplace anxious. NATO allies are responding by sending arms to Ukraine and putting NATO troops on higher alert, including some U.S. troops. The situation appears to be getting graver by the day. Inflation worries are also spooking traders and investors.
U.S. stock indexes are solidly lower at midday. The major U.S. indexes hit seven-month lows on Monday and are very wobbly now. Serious near-term technical damage has been inflicted upon the U.S. stock indexes, to suggest they have at put in near-term market tops.
The U.S. data point of the week is the Federal Reserve's Open Market Committee (FOMC) meeting that began Tuesday morning and ends Wednesday afternoon with a statement and press conference from Fed Chairman Jerome Powell. It's expected the Fed will raise U.S. interest rates at its March FOMC meeting. The marketplace appears to be getting more anxious regarding how the Fed is going to deal with rising and even problematic price inflation. Most believe at this FOMC meeting the Fed and Chairman Powell will better lay the groundwork for four U.S. interest rate increases this year.
The key outside markets today see crude oil prices solidly higher and trading around $85.00 a barrel. The U.S. dollar index is higher today. The U.S. Treasury 10-year note yield is presently fetching 1.764%.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, gold bulls have the firm overall near-term technical advantage. Prices are in a five-week-old uptrend on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at the November high of $1,881.90. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,800.00. First resistance is seen at today's high of $1,853.40 and then at $1,865.00. First support is seen at today's low of $1,834.40 and then at this week's low of $1,829.30. Wyckoff's Market Rating: 7.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
March silver futures bulls have the overall near-term technical advantage. A five-week-old uptrend is in place on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $25.00 an ounce. The next downside price objective for the bears is closing prices below solid support at $23.00. First resistance is seen at today's high of $24.045 and the at this week's high of $24.36. Next support is seen at this week's low of $23.595 and then at $23.25. Wyckoff's Market Rating: 6.0.
March N.Y. copper closed up 325 points at 444.60 cents today. Prices closed nearer the session high today. The copper bulls have the overall near-term technical advantage. Prices are in a five-week-old uptrend on the daily bar chart, but just barely. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the January high of 460.10 cents. The next downside price objective for the bears is closing prices below solid technical support at the January low of 431.35 cents. First resistance is seen at 450.00 cents and then at this week's high of 453.80 cents. First support is seen at last week's low of 437.60 cents and then at 431.35. Wyckoff's Market Rating: 6.0.
