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(Kitco News) - Gold and silver prices are firmer and trading near session highs at midday Thursday. There was no fundamental impetus to account for today’s gains, which came in the face of the U.S. stock indexes hitting more record highs. Veteran traders know it’s a bullish sign when markets rally for no apparent reason. Indeed, the gold and silver bulls have shown resilience recently, amid the better risk appetite that has been prevalent in the market place the past few weeks. February gold futures were last up $4.20 an ounce at 1,482.90. March Comex silver prices were last up $0.081 at $17.015 an ounce.

The global market place appears to have so far taken in stride the U.S. House of Representatives’ impeachment of President Trump late Wednesday, which had been fully expected for weeks.

In overnight news, Sweden’s central bank (Riksbank) raised its key interest rate to zero percent. This has many market watchers thinking other major central banks of the world which have negative interest rates are also on a path to raise their interest rates. The Bank of England concludes its monetary policy meeting later today, with no changes expected. Earlier Thursday the Bank of Japan left its monetary policy unchanged, with its key interest rate at 0.1%.

The key “outside markets” today see the U.S. dollar index slightly down, but the greenback bulls are having a good week. Meantime, Nymex crude oil prices are higher and hit a three-month high of $61.47 as of midday today. Rallying oil prices are bullish for most raw commodity markets, including the metals.

Technically, February gold futures bulls and bears are still on a level overall near-term technical playing field amid recent choppy and sideways trading. 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 this week’s high of $1,484.90 and then at the December high of $1,491.60. First support is seen at this week’s low of $1,474.30 and then at 1,470.00. Wyckoff's Market Rating: 5.0.

March silver futures bears have the slight overall near-term technical advantage. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $17.50 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $16.00. First resistance is seen at last week’s high of $17.185 and then at the December high of $17.415. Next support is seen at this week’s low of $16.935 and then at $16.82. Wyckoff's Market Rating: 4.5.

March N.Y. copper closed up 105 points at 282.30 cents today. Prices closed near the session high today and closed at a seven-month high close. The copper bulls have the firm overall near-term technical advantage and still have upside momentum. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 295.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 270.00 cents. First resistance is seen at last week’s high of 283.10 cents and then at 285.00 cents. First support is seen at today’s low of 280.05 cents and then at this week’s low of 278.15. Wyckoff's Market Rating: 7.0.