(Kitco News) - Gold and silver prices are sharply higher in midday U.S. trading Tuesday, with gold poised to close at a 1.5-year high close. More safe-haven demand amid a very spooked marketplace is featured as the Russia-Ukraine geopolitical situation appears to be deteriorating by the day. April gold futures were last up $35.80 at $1,936.60 and May Comex silver was last up $0.909 at $25.27 an ounce.
The West’s very heavy sanctions have crippled Russia’s economy. Add that to the unexpectedly strong resistance being put up by the Ukrainian military to its Russian aggressors and Russian President Putin has been put on very thin ice. Some pundits are calling him “unhinged” based upon his recent comments and television appearances. If the demoralized Russian public becomes seriously disenchanted with Putin, the marketplace wonders what he will do. Will his generals attempt a coup? Will Putin attack Western countries? In a desperate move to save his hide or to safe face, would Putin resort to using his nuclear missiles? These are questions that will keep markets on edge for likely some time to come.
U.S. President Biden will address the Russian situation Tuesday evening in his annual state of the union address.
Global stocks markets were mixed to lower overnight and the U.S. stock indexes are solidly lower at midday. Reports say Russian has stepped up its military campaign against Ukraine Tuesday, including shelling civilian targets.
The key outside markets today see Nymex crude oil prices posting sharp gains and trading around $106.50 a barrel. The U.S. dollar index is sharply higher today. The benchmark U.S. 10-year Treasury note is presently yielding 1.709%. U.S. Treasuries are seeing strong safe-haven buying interest.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, April gold futures prices are poised to close at a 1.5-year high close today. Bulls have the solid overall near-term technical advantage. Prices are in a four-week-old uptrend on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at the February high of $1,976.50. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,850.00. First resistance is seen at $1,950.00 and then at $1,976.50. First support is seen at today’s low of $1,903.00 and then at this week’s low of $1,892.20. Wyckoff's Market Rating: 8.5.
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
May silver futures bulls have the firm overall near-term technical advantage. Prices are in an uptrend on the daily chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $26.00 an ounce. The next downside price objective for the bears is closing prices below solid support at $23.00. First resistance is seen at the February high of $25.705 and then at $26.00. Next support is seen at $25.00 and then at today’s low of $23.345. Wyckoff's Market Rating: 7.0.
May N.Y. copper closed up 1,260 points at 458.30 cents today. Prices closed near the session high today. The copper bulls have the overall near-term technical advantage. Prices are in a choppy, two-month-old uptrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the February high of 469.95 cents. The next downside price objective for the bears is closing prices below solid technical support at 440.00 cents. First resistance is seen at 460.00 cents and then at 463.80 cents. First support is seen at 450.00 cents and then at this week’s low of 445.00 cents. Wyckoff's Market Rating: 6.5.
