(Kitco News) - Gold prices are higher and hit another six-month high Wednesday. Safe-haven demand is featured so far this first trading week of 2023, amid shaky global stock markets and global economic growth worries. Bullish technical postures for gold and silver are also prompting more chart-based buying interest. February gold was last up $11.00 at $1,858.00 and March silver was down $0.186 at $24.03.
Gold and silver prices did back well down from their daily highs ahead of the early-afternoon release of the minutes from the last Open Market Committee meeting of the Federal Reserve (FOMC). Metals traders were wondering if the minutes might produce a hawkish surprise.
The rallies in the gold and silver markets this week also come amid worries about rising Covid infections in China continuing to crimp the world’s second-largest economy.
Global stock markets were mostly firmer overnight. U.S. stock indexes are higher today. Still, there is keener trepidation in the marketplace this week. Potentially slowing economic growth in the major industrialized countries along with problematic price inflation in 2023 are keeping traders pensive and prompting safe-haven demand for the precious metals.
The key outside markets today see the U.S. dollar index lower. Nymex crude oil prices are sharply lower and trading around $73.70 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently 3.709%.
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Traders and investors are starting to focus on Friday’s U.S. December employment situation report from the Labor Department. The key non-farm payrolls number is expected to come in at up 200,000, following a rise of 263,000 in the November report.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically,February gold futures prices hit a six-month high again today. Bulls have the solid overall near-term technical advantage. A two-month-old uptrend is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the $1,900.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,782.00. First resistance is seen at today’s high of $1,871.30 and then at $1,900.00. First support is seen at $1,850.00 and then at today’s low of $1,842.00. Wyckoff's Market Rating: 8.0
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
March silver futures prices hit an eight-month high Tuesday. The silver bulls have the solid overall near-term technical advantage. Prices are in a four-month-old uptrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $25.00. The next downside price objective for the bears is closing prices below solid support at $22.735. First resistance is seen at this week’s high of $24.775 and then at $25.00. Next support is seen at $24.00 and then at last week’s low of $23.645. Wyckoff's Market Rating: 7.5.
March N.Y. copper closed down 360 points at 373.05 cents today. Prices closed nearer the session low and hit a five-week low today. The copper bulls have lost the slight overall near-term technical advantage. A three-month-old uptrend on the daily bar chart has been negated. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the November high of 394.70 cents. The next downside price objective for the bears is closing prices below solid technical support at 354.70 cents. First resistance is seen at today’s high of 380.70 cents and then at this week’s high of 387.15 cents. First support is seen at today’s low of 370.85 cents and then at 365.00 cents. Wyckoff's Market Rating: 5.0.
