(Kitco News) - Gold and silver prices are mildly higher in midday U.S. trading Monday, but down from daily highs, on some safe-haven buying after a terrorist strike in Jordan killed three U.S. soldiers. February gold was last up
$6.90 at $2,024.00. March silver was last up $0.248 at $23.12.
Risk aversion is keener to start the trading week after an Iran-backed
Houthi drone strike against U.S. troops in Jordan killed three U.S.
soldiers. President Biden said the U.S. would respond.
U.S. stock index futures are mixed at midday, but not far below last
week’s record highs.
The U.S. economic data point of the week is the Open Market Committee
meeting of the Federal Reserve that begins Tuesday morning and ends
Wednesday afternoon with a statement and press conference from Fed
Chairman Jerome Powell. The FOMC is not expected to change U.S. monetary
policy at this meeting but will likely give fresh guidance on futures
policy plans.
The key outside markets today see the U.S. dollar index higher. Nymex
crude oil prices are lower and trading around $77.00 a barrel. Meantime,
the yield on the benchmark U.S. Treasury 10-year note is presently
fetching around 4.11%.
Technically, February gold futures bulls have the slight overall near-term
technical advantage but have faded recently. A three-month-old uptrend on
the daily bar chart has been negated and prices are now in a six-week-old
downtrend on the daily bar chart. Bulls’ next upside price objective is to
produce a close above solid resistance at $2,067.30. Bears' next near-term
downside price objective is pushing futures prices below solid technical
support at $2,000.00. First resistance is seen at today’s high of
$2,037.20 and then at $2,050.00. First support is seen at today’s low of
$2,018.80 and then at the January low of $2,004.00. Wyckoff's Market
Rating: 5.5.
March silver futures bears have the overall near-term technical advantage.
A seven-week-old downtrend is in place on the daily bar chart. Silver
bulls' next upside price objective is closing prices above solid technical
resistance at $24.00. The next downside price objective for the bears is
closing prices below solid support at the October low of $21.17. First
resistance is seen at today’s high of $23.195 and then at $23.50. Next
support is seen at today’s low of $22.88 and then at $22.465. Wyckoff's
Market Rating: 3.5.
March N.Y. copper closed up 175 points at 386.95 cents today. Prices
closed near the session high today. The copper bulls have the slight
overall near-term technical advantage. Copper bulls' next upside price
objective is pushing and closing prices above solid technical resistance
at the December high of 397.40 cents. The next downside price objective
for the bears is closing prices below solid technical support at the
January low of 371.45 cents. First resistance is seen at last week’s high
of 389.35 cents and then at 393.30 cents. First support is seen at today’s
low of 382.75 cents and then at 380.00 cents. Wyckoff's Market Rating:
5.5.
Hey!! Try out my “Markets Front Burner” weekly email report. Front Burner
is my best writing and analysis, I think, because I get to look ahead at
the marketplace and do some market price forecasting. Plus, I’ll throw in
an educational feature to move you up the ladder of trading/investing
success. And it’s free! Email me at jim@jimwyckoff.com and I’ll add your
email address to the Front Burner list.
