Gold futures prices pushed to a new all-time record high of $1,247.70 an ounce, basis nearby Comex futures, Wednesday. Safe-haven buying, increased demand from general investors and bullish technical momentum drove prices farther north and into uncharted territory Wednesday. June Comex gold closed up $22.80 at $1,243.10 an ounce. While world stock markets have stabilized following recent news of a $1 trillion financial aid package for debt-distressed European Union countries, investor demand for gold as a safe-haven asset has increased this week. Holders of European currencies are buying gold in strong fashion as a hedge against further European currency weakness. Gold also set new record highs Wednesday when priced in Euros and the British pound. Gold prices have become de-coupled from the U.S. dollar's value recently, as the greenback has also rallied to multi-month highs. The fact that gold has become de-coupled from the U.S. dollar is another bullish clue for the precious yellow metal. The London P.M. gold fixing was $1,237.50 versus the previous P.M. fixing of $1,222.50. Technically, June gold futures bulls have the strong near-term and longer-term technical advantage. There are no early technical clues to suggest a market top is close at hand. Prices are in a three-month-old uptrend on the daily bar chart and are in a nine-year-old uptrend on the longer-term monthly chart. Bulls' next upside technical objective is to produce a close above psychological resistance at $1,300.00. Bears' next downside price objective is closing prices below technical support at $1,200.00. First resistance is seen at Wednesday's all-time high of $1,247.70 and then at $1,250.00. Support is seen at $1,235.00 and then at Wednesday's low of $1,227.40. Wyckoff's Market Rating: 9.5. July silver futures closed up 36.9 cents at $19.663 an ounce Wednesday. Prices closed nearer the session high and hit a fresh 22-month high. Silver is now trading on the coattails of gold's powerful rally. The silver bulls have gained good upside near-term technical momentum recently and have the strong overall near-term technical advantage. The next downside price objective for the bears is closing prices below solid technical support at this week's low of $18.215. Bulls' next upside price objective is closing prices above major psychological resistance at $20.00 an ounce. First resistance is seen at today's high of $19.735 and then at $20.00. Next support is seen at $19.50 and then at $19.25. Wyckoff's Market Rating: 8.5. July N.Y. copper closed down 185 points at 318.80 cents today. Prices closed near mid-range. Prices are still in a four-week-old downtrend on the daily bar chart and the bears have the overall near-term technical advantage. A bear flag pattern has formed on the daily bar chart. The next downside price objective for the bears is closing prices below solid technical support at last week's low of 300.55 cents. Bulls' next upside objective is pushing and closing prices above solid technical resistance at last week's high of 336.35 cents. First resistance is seen at 320.00 cents and then at Wednesday's high of 324.40 cents. First support is seen at this week's low of 312.85 cents and then at 310.00 cents. Wyckoff's Market Rating: 3.0. By Jim Wyckoff, contributing to Kitco News; jim@jimwyckoff.com