(Kitco News) – Gold prices are sharply higher in midday U.S. trading Monday and hit a new record high of $1,941.90, basis nearby Comex futures. The previous record was $1,920.70 scored in 2011. The next upside price objective for the very powerful gold market bulls is $2,000. Meantime, silver futures hit a seven-year high of $24.82 in overnight trading. August gold futures were last up $33.80 an ounce at $1,930.90. September Comex silver prices were last up $1.50 at $24.355 an ounce.
The feature in the global marketplace to start the trading week is gold and silver prices surging amid a bullish cocktail of fundamental and technical factors. A continued worrisome rise in Covid-19 infections in major industrialized countries, a new U.S. government stimulus package totaling $1 trillion, a slumping U.S. dollar index that hit a nearly two-year low today, rising U.S.-China trade tensions, and a big surge in buying of gold-back exchange traded funds, including the Robinhood platform, are all propelling the safe-haven metals sharply higher. Add in very bullish chart postures for both precious metals.
Global stock markets were mixed in overnight trading. The U.S. stock indexes are firmer at midday. U.S. shares are boosted in part on weekend news that a $1 trillion U.S. government economic stimulus plan is moving through the legislative process more quickly than expected.
The Federal Reserve’s Open Market Committee (FOMC) will meet Tuesday and Wednesday to discuss U.S. monetary policy. No changes in policy are expected but the Fed is expected to reiterate U.S. interest rates will remain low for a long time amid the challenges of dealing with the pandemic.
The important outside markets today see Nymex crude oil prices weaker and trading around $40.50 a barrel. The U.S. dollar index is solidly down and hit a nearly two-year low overnight. The yield on the benchmark U.S. Treasury 10-year note is currently dipping a bit and trading around the 0.58% level.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, August gold futures bulls have the strong overall near-term technical advantage, to suggest still more upside in the near term. Prices are in an accelerating seven-week-old uptrend on the daily bar chart. Gold bulls’ next upside near-term price objective is to produce a close above technical resistance at $2,000.00. Bears’ next near-term downside price objective is pushing prices below solid technical support at $1,850.00. First resistance is seen at today’s high of $1,941.40 and then at $1,950.00. First support is seen at today’s low of $1,899.00 and then at $1,875.00. Wyckoff’s Market Rating: 10.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
September silver futures bulls have the strong overall near-term technical advantage to suggest still more upside. Prices are in an accelerating 4.5-month-old uptrend on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $25.00 an ounce. The next downside price objective for the bears is closing prices below solid support at $22.00. First resistance is seen at today’s high of $24.82 and then at $25.00. Next support is seen at $24.00 and then at $23.50. Wyckoff’s Market Rating: 9.5.
September N.Y. copper closed up 50 points at 289.75 cents today. Prices closed near mid-range today. The copper bulls have the solid overall near-term technical advantage. Prices are in a 4.5-month-old uptrend on the daily bar chart. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at 300.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 275.00 cents. First resistance is seen at last week’s high of 298.20 cents and then at the July high of 299.30 cents. First support is seen at last week’s low of 286.65 cents and then at 284.50 cents. Wyckoff’s Market Rating: 7.5.
