Gold and silver prices are posting solid gains in midday U.S. trading Tuesday, on safe-haven buying amid a U.S. stock market sell-off following downbeat remarks from President Trump regarding the U.S.-China trade negotiations. February gold futures were last up $16.30 an ounce at 1,485.50. March Comex silver prices were last up $0.259 at $17.225 an ounce.
Trader and investor risk appetite up-ticked Tuesday following Trump’s comments in London, regarding a partial U.S.-China trade deal. Trump said there is no timetable on even a partial deal and implied any deal could come after next year’s U.S. presidential election. “In some ways, it may be better to wait until after the election,” said Trump. Trump on Monday threatened Brazil and Argentina with trade tariffs and on Tuesday did the same to France. Asian equities were mixed and European stock markets were mostly lower Tuesday.
The key “outside markets” today see the U.S. dollar index weaker. Nymex crude oil prices are slightly higher and trading around $56.00 a barrel. A three-month-old downtrend on the daily bar chart has been at least temporarily negated. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,500.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the November low of $1,453.10. First resistance is seen at today’s high of $1,487.70 and then at $1,500.00. First support is seen at $1,475.00 and then at today’s low of $1,465.40