(Kitco News) - Gold and silver prices are steady to a bit lower in early U.S. trading Tuesday, amid a lack of major new fundamental developments to drive daily price action. The metals market bulls are still a bit punch-drunk after getting hit by a surprisingly strong U.S. jobs report last Friday. April gold was last down $1.20 at $2,041.70. March silver was last down $0.072 at $22.35.
Asian and European stock markets were mixed to firmer in overnight trading. U.S. stock index futures are set to open narrowly mixed and not far below their record highs when the New York day session begins.
Middle East tensions are still on the front burner of the marketplace. The U.S. has ramped up its retaliatory attacks on the Houthi rebels. Meantime, there is ongoing talk of a cease-fire coming soon in the Israeli-Hamas war.
In overnight news, Australia’s central bank left is monetary policy unchanged, but said future increases in interest rates cannot be ruled out. The Reserve Bank of Australia also said it will be some time before inflation sustainability will be in the RBA’s target range.
The key outside markets today see the U.S. dollar index slightly higher. Nymex crude oil prices are a bit firmer and trading around $73.00 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently fetching 4.154%.
U.S. economic data due for release Tuesday is light and includes the weekly Johnson Redbook retail sales report, the RCM/TIPP economic optimism index. U.S. Treasury Secretary Janet Yellen is scheduled to testify today at a U.S. House of Representatives financial hearing.
Technically, the gold futures bulls have the slight overall near-term technical advantage. Bulls’ next upside price objective is to produce a close in April 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 $2,050.00 and then at this week’s high of $2,059.10. First support is seen at this week’s low of $2,030.80 and then at the January low of $2,023.30. Wyckoff's Market Rating: 5.5.
The silver bears have the overall near-term technical advantage. Prices are in a two-month-old downtrend on the daily bar chart. Silver bulls' next upside price objective is closing March futures prices above solid technical resistance at $23.72. 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 this week’s high of $22.84 and then at $23.00.
Next support is seen at $22.25 and then at $22.00. Wyckoff's Market Rating: 3.0.
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