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(Kitco News) - Gold and silver prices are higher, with silver solidly up, in midday U.S. trading Monday. Some safe-haven buying is featured following an aborted insurrection in Russia over the weekend that has left the nuclear armed nation’s military destabilized and has the rest of the world wondering what happens next. August gold was last up $5.50 at $1,935.20 and July silver was up $0.521 at $22.875.
Geopolitics is back on the front burner of the marketplace following the weekend coup attempt in Russia that has at least temporarily been averted. Still, risk aversion is a bit higher to start the trading week. It’s apparent to most that Russian President Putin has seen his once-powerful authoritarian grip on his country loosened significantly, which has likely destabilized the Russian military. The marketplace will continue watching this situation very closely as its geopolitical implications are huge.
Global stock markets were mostly lower overnight. U.S. stock indexes are mostly weaker at midday.
The key outside markets today see the U.S. dollar index slightly weaker. Nymex crude oil prices are firmer and trading around $69.75 a barrel. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching 3.719%.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, August gold futures were up $6.30 at $1,936.00 in afternoon trading and near mid-range. Short covering was featured after prices hit a 13-week low last Friday. Bears have the slight overall near-term technical advantage. Prices are in a six-week-old downtrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $2,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,900.00. First resistance is seen at $1,950.00 and then at $1,960.00. First support is seen at last week’s low of 1,919.50 and then at $1,910.00. Wyckoff's Market Rating: 4.5.
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
July silver futures were up $0.523 at $22.88 at midday and near the session high. Short covering was seen after prices hit a three-month low last Friday. The silver bears still have the overall near-term technical advantage. A choppy, six-week old price downtrend is in place on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $24.00. The next downside price objective for the bears is closing prices below solid support at $21.00. First resistance is seen at $23.00 and then at $23.23. Next support is seen at today’s low of $22.435 and then at the June low of $22.14. Wyckoff's Market Rating: 4.0.
July N.Y. copper closed down 215 points at 378.20 cents today. Prices closed nearer the session low today and hit a two-week low. The copper bulls have lost their overall near-term technical advantage. A four-week-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 410.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the May low of 354.50 cents. First resistance is seen at today’s high of 383.60 cents and then at Friday’s high of 389.10 cents. First support is seen at today’s low of 376.30 cents and then at 373.00 cents. Wyckoff's Market Rating: 5.0.
