(Kitco News) - Gold prices are moderately up and silver slightly higher in early U.S. trading Wednesday. Some mild short covering from the shorter-term futures traders is featured in both metals at mid-week, just ahead of important data due out from the U.S. Federal Reserve. April gold was last up $6.80 at $1,849.20 and March silver was up $0.045 at $21.94.
The U.S. data point of the day Wednesday will be the release of the minutes from the last meeting of the Federal Reserve Open Market Committee (FOMC), due out at 2:00 p.m. EST. Past FOMC minutes releases have moved markets.
Global stock markets were mixed but mostly lower overnight. U.S. stock indexes are pointed toward slightly higher openings and at three-week lows when the New York day session begins. The stock index bulls have faded recently, including near-term price uptrends on the daily bar chart being negated to suggest near-term market tops are in place.
The key outside markets this morning see the U.S. dollar index slightly lower. Nymex crude oil futures prices are lower and trading around $75.50 a barrel. The yield on the benchmark U.S. 10-year Treasury note is presently fetching 3.943%. A Wall Street Journal headline Wednesday reads: “Rising bond yields rattle 2023 stock rally."
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U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the FOMC minutes and the weekly Johnson Redbook and chain store retail sales indexes.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, the gold futures bears have the slight overall near-term technical advantage. Prices are in a fledgling downtrend on the daily bar chart. Bulls' next upside price objective is to produce a close in April futures above solid resistance at last week's high of $1,881.60. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,800.00. First resistance is seen at this week's high of $1,856.40 and then at $1,870.90. First support is seen at this week's low of $1,839.00 and then at the February low of $1,827.70. Wyckoff's Market Rating: 4.5
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
The silver bears have the overall near-term technical advantage. Prices are in a downtrend on the daily bar chart. Silver bulls' next upside price objective is closing March futures prices above solid technical resistance at $22.635. The next downside price objective for the bears is closing prices below solid support at $20.00. First resistance is seen at the overnight high of $22.00 and then at $22.25. Next support is seen at this week's low of $21.555 and then at the February low of $21.155. Wyckoff's Market Rating: 4.0.
