AM-PM Roundup
Gold, silver rebound on month-end short covering
(Kitco News) - Gold and silver prices are higher and near daily highs in midday U.S. trading Tuesday. Short covering to close out the month of February and perceived bargain hunting are featured after gold hit a nine-week low and silver a nearly four-month low overnight. April gold was last up $11.90 at $1,836.80 and March silver was up $0.275 at $20.95.
A downbeat U.S. consumer confidence index released at mid-morning was the catalyst that started the rebound to higher price levels, from lower prices seen overnight in both metals.
Global stock markets were mixed overnight. U.S. stock indexes are mixed at midday. The marketplace has been quieter so far this week, amid a lack of fresh, major fundamental news.
The key outside markets this morning see the U.S. dollar index slightly up. Nymex crude oil futures prices are solidly higher and trading around $77.50 a barrel, also supporting the metals market bulls on this day. The yield on the benchmark U.S. 10-year Treasury note is presently fetching 3.936%.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, April gold futures prices hit a nine-week low early on today and then reversed course to score a bullish “outside day” up. Short covering was featured. Bears still have the overall near-term technical advantage. A price downtrend is in place on the daily chart. Bulls’ next upside price objective is to produce a close above solid resistance at last week’s high of $1,856.40. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,800.00. First resistance is seen at $1,841.20 and then at $1,850.00. First support is seen at $1,825.00 and then at today’s low of $1,810.80. Wyckoff's Market Rating: 4.0.
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
March silver futures prices hit a nearly four-month-low early on today and then rebounded to score a mildly bullish outside day up. The silver bears have the firm overall near-term technical advantage. Prices are in a steep downtrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $22.00. The next downside price objective for the bears is closing prices below solid support at $20.00. First resistance is seen at $21.00 and then at $21.395. Next support is seen at today’s low of $20.475 and then at $20.25. Wyckoff's Market Rating: 3.5.
March N.Y. copper closed up 880 points at 409.70 cents today. Prices closed near the session high today and saw short covering after hitting a seven-week low Monday. The copper bulls have the overall near-term technical advantage. Prices are still in a six-week-old downtrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the February high of 423.70 cents. The next downside price objective for the bears is closing prices below solid technical support at the January low of 370.85 cents. First resistance is seen at 415.00 cents and then at 420.00 cents. First support is seen at today’s low of 400.30 cents and then at this week’s low of 393.45 cents. Wyckoff's Market Rating: 6.0.
