(Kitco News) - Gold futures prices are higher in midday trading Wednesday, on some impressive follow-through strength from the big gains posted Tuesday. Short covering in the futures market and perceived bargain buying in the cash market were featured again today. A slumping U.S. dollar index that today hit a 2.5-year low is also a bullish element for the metals markets. Solid gains in the crude oil market today were also friendly for the metals. February gold futures were last up $11.30 at $1,830.20 and March Comex silver was last down $0.045 at $24.045 an ounce.
Global stock markets were mixed to weaker overnight. U.S. stock indexes are near steady at midday, on some mild profit taking and a pause after two major indexes hit record highs on Tuesday. Upbeat traders and investors continue to look at a bright light at the end of a dark Covid-19 tunnel—even though there will be a few more rough months ahead. Very successful vaccines for the pandemic virus will be rolling out to some of the general public as soon as this month.
Also buoying marketplace sentiment are renewed talks among U.S. congressional leaders on a financial stimulus package for Americans. U.S. Treasury Secretary Mnuchin and Federal Reserve Chairman Powell will testify today before a U.S. House committee and will likely be asked about the stimulus package and its prospects. A new stimulus package would be somewhat bullish for the metals, on notions that the new influx of cash in the financial system could produce problematic inflation.
The U.S. economic data point of the day at mid-week was the November ADP national employment report, which came in at up 307,000 jobs after it was expected to show a rise of 475,000. This report is the precursor to Friday morning’s U.S. employment situation report from the Labor Department. The key non-farm payrolls number in that report is expected to come in at up 440,000 workers. Today’s downbeat ADP data was also slightly friendly for gold and silver.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, February gold futures bears still have the overall near-term technical advantage. Prices are still in a fledgling downtrend on the daily chart. However, more gains this week could negate the price downtrend. Bulls’ next upside price objective is to produce a close in December futures above solid resistance at $1,875.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at this week’s low of $1,767.20. First resistance is seen at today’s high of $1,835.00 and then at $1,850.00. First support is seen at today’s low of $1,810.50 and then at $1,800.00. Wyckoff's Market Rating: 4.5
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
March silver futures bulls have stabilized the market after prices hit a 2.5-month low Monday. Silver futures bulls and bears are on a level overall near-term technical playing field. Silver bulls' next upside price objective is closing prices above solid technical resistance at $25.285 an ounce. The next downside price objective for the bears is closing prices below solid support at the September low of $21.93. First resistance is seen at today’s high of $24.455 and then at $25.00. Next support is seen at today’s low of $23.68 and then at $23.00. Wyckoff's Market Rating: 5.0.
March N.Y. copper closed up 40 points at 348.90 cents today. Prices closed nearer the session high today. Prices Tuesday hit a 7.5-year high. The copper bulls have the strong overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 375.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 325.00 cents. First resistance is seen at this week’s high of 352.15 cents and then at 355.00 cents. First support is seen at this week’s low of 341.70 cents and then at 340.00 cents. Wyckoff's Market Rating: 8.5.
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December 03, 2020 at 12:37AM
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Gold sees good follow-through buying at mid-week - Kitco NEWS
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