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(Kitco News) – Gold and silver prices are higher in midday U.S. trading Monday, but well down from their earlier session highs as the U.S. stock market is rallying. The metals are being supported by the sharp losses in the U.S. dollar index that hit a four-week low today. Some safe-haven demand is also featured early this week amid an overall marketplace that still shows risk appetite far from robust. June gold futures were last up $7.00 at $1,849.00. July Comex silver futures were last up $0.071 at $21.74 an ounce.

Global stock markets were mixed but mostly up overnight. U.S. stock indexes are higher at midday but equities bulls are still on the ropes as the major indexes late last week hit 12-month lows and are flirting with bear market territory—meaning prices 20% down from their recent highs.

Trader and investor risk appetite up-ticked just a bit to start the trading week on reports the U.S. may consider lifting some trade tariffs on China. Meantime, China continues to struggle with rising Covid cases that have locked down parts of major cities in the world’s second-largest economy.

In other news, European Central Bank President Christine Lagarde said the ECB will likely raise interest rates at its July meeting.

U.S. President Joe Biden is on an Asian tour and Monday laid out a new economic cooperation platform called the Indo-Pacific Economic Framework.

The other key outside market today sees Nymex crude oil futures prices slightly higher and trading around $110.50 a barrel. The yield on the 10-year U.S. Treasury note is fetching 2.86%.

Technically, June gold futures prices hit a two-week high early on today. A 2.5-month-old price downtrend is still in place on the daily bar chart. Bears have the overall near-term technical advantage. However, more price gains this week would likely negate the downtrend. Bulls’ next upside price objective is to produce a close above solid resistance at $1,900.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at the May low of $1,785.00. First resistance is seen at today’s high of $1,864.30 and then at $1,875.00. First support is seen at today’s low of $1,843.30 and then at Friday’s low of $1,830.60. Wyckoff’s Market Rating: 4.0.

July silver futures see a price downtrend still in place on the daily bar chart. However, more price gains this week would likely negate the downtrend. The silver bears have the overall near-term technical advantage. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $23.00 an ounce. The next downside price objective for the bears is closing prices below solid support at the May low of $20.42. First resistance is seen at today’s high of $22.205 and then at $22.50. Next support is seen at $21.25 and then at $21.00. Wyckoff’s Market Rating: 3.0.

July N.Y. copper closed up 725 points at 434.75 cents today. Prices closed near the session high today and hit a nearly three-week high. The copper bears still have the overall near-term technical advantage. However, more gains this week would negate a price downtrend on the daily bar chart. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at 450.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the May low of 403.70 cents. First resistance is seen at 440.00 cents and then at 444.00 cents. First support is seen at today’s low of 427.20 cents and then at 425.00 cents. Wyckoff’s Market Rating: 3.0.