(Kitco News) – Gold prices are higher in Tuesday afternoon trading, and earlier today hit a nearly three-month high. The yellow metal was boosted by safe-haven demand amid keener geopolitical uncertainty in the marketplace. Gold prices did back off their daily highs as the U.S. stock indexes moved up from their daily lows. December gold futures were last up $11.30 an ounce at $1,236.00. December Comex silver was last up $0.208 at $14.795 an ounce.
Global stock markets saw risk aversion return to the marketplace today amid heightened geopolitical tensions. China’s stock indexes were sharply down after good gains posted Monday. South Korea’s and Japan’s stock markets were also sharply lower.
The S&P 500 stock index today dropped below what was strong chart support at its October low. This suggests a new leg down in prices is coming for the U.S. stock market. That’s bullish for hard assets such as gold and silver.
The Turkish president went on television overnight to explain that the Saudi journalist that was killed in a Saudi consulate in Istanbul was brutally slain in a planned attack. The Saudi kingdom denies involvement in the murder. The U.S. and other Western nations are trying to get to the bottom of the matter, but President Trump has been cautious about the situation, what with the strong U.S. business ties to Saudi Arabia.
The China-U.S. trade showdown is negatively impacting China’s economy and weighing on Asia’s stock markets. Two U.S. warships are presently traveling near China and through the Taiwan Strait, to amplify tensions.

The U.S. economic highlight this week will be the first estimate of third-quarter GDP due out Friday morning. GDP is seen up 3.4% in the third quarter, on an annual basis.
The key outside markets today find the U.S. dollar index weaker. Meantime, November Nymex crude oil prices are sharply lower and trading around $66.50 a barrel.

Technically, the gold bulls have the overall near-term technical advantage and gained more power today as prices saw a bullish upside “breakout” from the recent sideways and choppy trading range. Gold bulls’ next upside near-term price breakout objective is to produce a close in December futures above solid technical resistance at $1,275.00. Bears’ next near-term downside price breakout objective is pushing prices below solid technical support at $1,220.00. First resistance is seen at today’s high of $1,243.00 and then at $1,250.00. First support is seen at today’s low of $1,224.50 and then at $1,220.00. Wyckoff’s Market Rating: 6.5

December silver futures prices closed nearer the session high today and closed at a nearly two-month high close. The silver bears still have the slight overall near-term technical advantage. However, the bulls are working on restarting a price uptrend on the daily chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $15.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the September low of $13.965. First resistance is seen at last week’s high of $13.88 and then at the October high of $13.95. Next support is seen at today’s low of $14.54 and then at last week’s low of $14.47. Wyckoff’s Market Rating: 4.5.
December N.Y. copper closed down 260 points at 275.95 cents today. Prices closed near mid-range today. The copper bears have the overall near-term technical advantage. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at the 290.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the August low of 257.45 cents. First resistance is seen at today’s high of 278.50 cents and then at 280.00 cents. First support is seen at today’s low of 273.90 cents and then at the October low of 271.30 cents. Wyckoff’s Market Rating: 3.0.