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Gold, Silver Prices Slip As USDX, U.S. Stock Market Gain

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(Kitco News) - Gold and silver prices are modestly down in early-afternoon U.S. trading Thursday. The safe-haven metals are seeing some selling pressure as the U.S. dollar and U.S. stock market have pushed to higher levels on the day. February gold futures were last down $3.00 an ounce at $1,289.00. March Comex silver was down $0.085 at $15.65 an ounce.

The marketplace is now watching Federal Reserve Chairman Jerome Powell’s discussion with the Economic Club of Washington, D.C. So far as of this writing, Powell had not made comments to move the markets. Several other Federal Reserve officials also are on tap for speeches today.

The USDX is seeing a corrective bounce today, but has been trending sideways to lower on the daily chart for the past month. Meantime, Nymex crude oil prices are slightly weaker and trading just above $52.00 a barrel level. Technical evidence is building the oil market will trade at least sideways in the coming weeks, if not sideways to higher. That would be bullish for the metals markets.

Live 24 hours gold chart [Kitco Inc.]

Technically, February gold futures bulls still have the overall near-term technical advantage. A two-month-old price uptrend is still in place on the daily bar chart. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,300.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,260.00. First resistance is seen at today’s high of $1,298.00 and then at the January high of $1,300.40. First support is seen at this week’s low of $1,280.20 and then at the January low of $1,278.10. Wyckoff's Market Rating: 6.5

Live 24 hours silver chart [ Kitco Inc. ]

March silver futures saw a mild corrective pullback after hitting a five-month high last week. The silver bulls still have the overall near-term technical advantage. A two-month-old price uptrend is in place on the daily bar chart. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $16.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $15.25. First resistance is seen at this week’s high of $15.88 and then at last week’s high of $15.955. Next support is seen at this week’s low of $15.56 and then at $15.385. Wyckoff's Market Rating: 6.0.

March N.Y. copper closed down 200 points at 263.70 cents today. Prices closed nearer the session low. The copper bears have the solid overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 275.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 250.00 cents. First resistance is seen at today’s high of 267.05 cents and then at this week’s high of 268.65 cents. First support is seen at this week’s low of 262.35 cents and then at 260.00 cents. Wyckoff's Market Rating: 2.5.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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