(Kitco News) - Gold prices are up a bit at midday Wednesday. The yellow metal recovered moderate early losses as some safe-haven demand surfaced amid a big sell off in the U.S. stock market at mid-week. June gold futures were last up $1.40 at $1,820.50. July Comex silver futures were last down $0.11 at $21.64 an ounce.
Global stock markets were mixed overnight. U.S. stock indexes are sharply lower on corrective pullbacks following gains on Tuesday. A big earnings miss from Target help sink the stock market at mid-week. Traders and investors are also tentative on new reports that Covid continues to spread in China, after reports earlier this week that said China's government could ease up on its lockdowns.
Federal Reserve Chairman Jerome Powell on Tuesday afternoon reiterated the central bank's main goal is to tamp down inflation, even if it means pushing up the unemployment rate. He said the Fed "has the tools and resolve" to cool inflation. The marketplace read his latest comments as maybe not surprising but certainly hawkish.
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The key outside markets today see Nymex crude oil futures prices lower and trading around $110.00 a barrel. Meantime, the U.S. dollar index is higher in midday trading. The yield on the 10-year U.S. Treasury note is fetching around 2.9%.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, June gold futures see a nine-week-old price downtrend in place on the daily bar chart. Bears have the solid overall near-term technical advantage. Bulls' next upside price objective is to produce a close above solid resistance at $1,875.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,750.00. First resistance is seen at this week's high of $1,834.80 and then at $1,850.00. First support is seen at today's low of $1,805.00 and then at $1,800.00. Wyckoff's Market Rating: 3.0.
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
July silver futures see a steep price downtrend in place on the daily bar chart. The silver bears have the solid overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at $23.00 an ounce. The next downside price objective for the bears is closing prices below solid support at $20.00. First resistance is seen at this week's high of $21.925 and then at $22.00. Next support is seen at today's low of $21.38 and then at $21.00. Wyckoff's Market Rating: 2.0.
July N.Y. copper closed down 550 points at 418.25 cents today. Prices closed nearer the session low today. The copper bears have the solid overall near-term technical advantage. A price downtrend is still in place on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 445.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 400.00 cents. First resistance is seen at today's high of 424.80 cents this week's high of 428.25 cents. First support is seen at today's low of 416.10 cents and then at this week's low of 413.35 cents. Wyckoff's Market Rating: 2.0.
