(Kitco News) - Gold and silver prices are a bit lower in early U.S. trading Monday, with silver hitting a 2.5-month low. The marketplace is quieter ahead of important U.S. inflation data just around the corner. April gold was last down $3.30 at $1,871.30 and March silver was down $0.08 at $21.995.
Traders and investors are awaiting the U.S. economic data point of the week on Tuesday morning--the consumer price index report for January. The CPI is seen up 6.2%, year-on-year, compared to the rise of 6.5% in the December report. On Thursday, the U.S. producer price index report is released.
Global stock markets were mixed overnight, with European shares mostly higher and Asian shares mostly lower. U.S. stock indexes are pointed toward narrowly mixed openings when the New York day session begins.
In overnight news, the European Union forecast Euro zone inflation in 2023 at 5.6%, which is down from 6.1% in its previous forecast for 2023.
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The key outside markets see the U.S. dollar index slightly firmer. Nymex crude oil futures prices are near steady and trading around $79.50 a barrel. The yield on the benchmark U.S. 10-year Treasury note is presently fetching 3.732%.
There is no major U.S. economic data due for release Monday.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, the gold futures bulls still have the overall near-term technical advantage but have faded. Bulls’ next upside price objective is to produce a close in April futures above solid resistance at the February high of $1,975.20. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,825.00. First resistance is seen at Friday’s high of $1,883.50 and then at $1,900.00. First support is seen at last week’s low of $1,863.50 and then at $1,850.00. Wyckoff's Market Rating: 6.0
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
The silver bulls and bears are on a level overall near-term technical playing field but the bears have momentum on their side. Silver bulls' next upside price objective is closing March futures prices above solid technical resistance at $23.00. The next downside price objective for the bears is closing prices below solid support at $21.00. First resistance is seen at last week’s high of $22.635 and then at $23.00. Next support is seen at the overnight low of $21.80 and then at $21.50. Wyckoff's Market Rating: 5.0.
