In a strong bullish rally, gold prices soared to a six-month high on Tuesday, supported by a combination of factors including less-hawkish comments from Federal Reserve officials, favorable technical indicators, and a weakening U.S. dollar index. Market analysts predict that the yellow metal could soon reach a new record high, surpassing the previous peak of $2,085.40 per ounce set in May of this year.

One of the key drivers behind the rise in gold prices was the comments made by Federal Reserve governor and FOMC member Christopher Waller, who stated that the economic momentum in the United States is slowing, which he views as an encouraging sign. Waller's observations were further corroborated by the Richmond Fed manufacturing survey, which indicated a slight slowdown in economic activity.

However, not all Federal Reserve officials shared the same sentiment. Michelle Bowman, another Fed governor and FOMC member, maintained a hawkish stance during a speech. Despite this, Waller's remarks appeared to have a greater impact, leading to downward pressure on the U.S. dollar and subsequently supporting the precious metals markets.

Meanwhile, Asian and European markets experienced mixed trading overnight, with Asian shares mostly gaining ground while European shares faced some declines. In the U.S., stock indexes were marginally elevated near midday. The lack of escalation in geopolitical tensions in recent weeks has fostered a calmer market environment and boosted risk appetite.

Turning to the key outside markets, the U.S. dollar index hit a 3.5-month low, providing further impetus to gold prices. Additionally, Nymex crude oil prices rallied significantly, trading around $77.00 per barrel. This week, OPEC-plus members are scheduled to meet, and reports suggest that there have been disagreements within the cartel regarding further cuts in collective crude oil production. However, it is now expected that OPEC will announce another reduction in overall production during the meeting.

In terms of technical analysis, February gold futures reached a six-month high, firmly favoring the bullish camp. The next major target for gold bulls is to close above solid resistance at $2,100.00, while bears will look for prices to drop below technical support at $2,000.00. Initial resistance levels are seen at $2,060.00 and $2,075.00, with support levels at today's low of $2,031.60 and this week's low of $2,022.00.

Simultaneously, March silver futures reached a three-month high, indicating a strong advantage for silver bulls in the near term. A two-month uptrend on the daily bar chart supports this outlook. Bulls will aim to surpass solid technical resistance at the July high of $26.10, while bears will seek to drive prices below solid support at $23.50. Initial resistance levels are identified at $25.50 and $25.75, while support levels sit at today's low of $24.94 and this week's low of $24.68.

March N.Y. copper displayed a bullish "outside day" up, closing near the session high and gaining 515 points to settle at 385.15 cents. This surge indicates an overall near-term technical advantage for copper bulls. A six-week uptrend on the daily bar chart further bolsters the positive outlook. Bullish investors will target pushing and closing prices above solid resistance at the September high of 392.65 cents, while bears will aim to drive prices below solid support at the November low of 362.60 cents. Initial resistance levels are noted at the November high of 386.00 cents and 390.00 cents, with support levels at 380.00 cents and 375.80 cents.

Overall, the precious metals market is currently poised for further gains as gold prices hit a six-month high amidst less-hawkish Federal Reserve comments and a weakening U.S. dollar index. The favorable technical indicators, alongside geopolitical calm and a possible reduction in crude oil production, are expected to support the upward momentum in gold, silver, and copper prices in the coming weeks.

(Note: The information provided is solely based on the text provided by the user and does not reflect any external research or analysis)