(Kitco News) - Gold and silver futures prices are firmer in midday U.S. trading Tuesday. There is some safe-haven demand coming into the gold and silver markets, amid geopolitical and Federal Reserve uncertainty. Short covering from the futures traders is also featured this week. The bulls have put together a two-day winning streak, following last week’s big losses. April gold futures were last up $5.70 at $1,802.00 and March Comex silver was last up $0.227 at $22.62 an ounce.
Reports said $5 billion of new funds piled into the gold market in late January. Safe-haven demand and inflation-related hedge moves are supporting gold and silver. Also, the shaky crypto currency markets are likely benefiting both metals.
Global stock markets were mostly higher overnight. U.S. stock indexes are near steady at midday. China’s markets are closed all week for the Lunar New Year holiday. There may be a bit less risk aversion in the marketplace early this week, following the big gains in U.S. stock indexes on Monday. The Russia-Ukraine border situation remains tense, but there is some speculation the matter won’t devolve into war. Still of concern to traders and investors is the timing of Federal Reserve monetary policy. Fed watchers are debating whether upcoming U.S. interest rate increases may be too rapid and an over-reaction to inflation concerns.
The key outside markets today see crude oil prices weaker and trading around $87.75 a barrel. Traders will closely monitor an OPEC-plus meeting that begins Wednesday. The cartel is expected to raise its collective oil production level. The U.S. dollar index is weaker again today. The U.S. Treasury 10-year note yield is presently fetching 1.76%.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, April gold futures bulls have the slight overall near-term technical advantage. Bulls' next upside price objective is to produce a close above solid resistance at the January high of $1,856.70. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the December low of $1,755.40. First resistance is seen at today’s high of $1,809.70 and then at $1,820.00. First support is seen at today’s low of $1,796.20 and then at this week’s low of $1,785.80. 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 overall near-term technical advantage. 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 December low of $21.41. First resistance is seen at today’s high of $23.06 and the at $23.48. Next support is seen at this week’s low of $22.25 and then at $22.00. Wyckoff's Market Rating: 3.0.
March N.Y. copper closed up 1,000 points at 442.25 cents today. Prices closed nearer the session high today. The copper bulls and bears are 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 January high of 460.10 cents. The next downside price objective for the bears is closing prices below solid technical support at the December low of 419.95 cents. First resistance is seen at today’s high of 444.55 cents and then at 448.00 cents. First support is seen at 438.00 cents and then at 432.00 cents. Wyckoff's Market Rating: 5.0.
