(Kitco News) - Gold and silver prices are up a bit in early U.S. trading Tuesday in quieter, post-holiday trading. Bullish charts are still prompting some speculator buying interest in precious metals, amid a lack of fresh fundamental news to drive price action. February gold was last up $4.00 at $2,073.10. March silver was last up $0.065 at $24.63.
Asian and European stock markets were mixed overnight. U.S. stock index futures are set to open slightly higher when the New York day session begins. Trading activity was quieter overnight following the Christmas day holiday on Monday. Some markets, including those in the U.K., Germany and France, remained closed Tuesday.
Reports said the U.S. military carried out retaliatory air strikes on Monday in Iraq after a drone strike from Iran-aligned militants left one U.S. serviceman in critical condition and wounded two others. Markets showed no significant price reactions to the news.
Meanwhile, the Israeli Prime Minister has vowed to keep fighting in Gaza until Hamas is destroyed, despite global calls for a ceasefire as concerns rise the conflict will spread.
The key outside markets today see the U.S. dollar index slightly up. Nymex crude oil prices are slightly down and trading around $73.25 a barrel. The yield on the benchmark U.S. Treasury 10-year note is presently fetching 3.882%.
U.S. economic data due out Tuesday includes the Chicago Fed national activity index, the monthly house price index and the Texas manufacturing outlook survey.
Technically, the gold futures bulls have the solid overall near-term technical advantage and have momentum. Prices are in a 2.5-month-old uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close in March futures above solid resistance at $2,100.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,000.00. First resistance is seen at last week’s high of $2,083.00 and then at $2,100.00. First support is seen at the overnight low of $2,065.10 and then at last Friday’s low of $2,058.20. Wyckoff's Market Rating: 7.5.
The silver bulls have the overall near-term technical advantage. Prices are in a 2.5-month-old uptrend on the daily bar chart. Silver bulls' next upside price objective is closing March futures prices above solid technical resistance at $26.00. The next downside price objective for the bears is closing prices below solid support at the December low of $22.785. First resistance is seen at last week’s high of $24.895 and then at $25.00. Next support is seen at last Friday’s low of $24.37 and then at $24.245. Wyckoff's Market Rating: 6.5.
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