(Kitco News) - Gold and silver prices are near steady in midday U.S. trading Wednesday. It’s a quieter marketplace at mid-week, with no new fundamental developments to significantly influence the markets. Risk appetite in the general marketplace is not robust, but neither is risk aversion keen. That’s keeping the safe-haven metals traders squelched at present. Metals traders are looking for a new spark to drive daily price action. April gold was last down $0.50 at $2,050.80. March silver was last down $0.118 at $22.355.
U.S. stock index futures are higher and set record highs again today. That’s a bearish element for the metals markets, as equities are a competing asset class.
China is getting ready for its Lunar New Year holiday that starts this weekend.
The key outside markets today see the U.S. dollar index slightly lower. Nymex crude oil prices are a bit firmer and trading around $73.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently fetching 4.108%.
Technically, April gold futures bulls have the slight overall near-term technical advantage amid choppy trading recently. Bulls’ next upside price objective is to produce a close 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 today’s high of $2,061.30 and then at $2,075.00. First support is seen at Tuesday’s low of $2,038.80 and then at this week’s low of $2,030.80. Wyckoff's Market Rating: 5.5.
March silver futures bears have the firm overall near-term technical advantage. A two-month-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 this week’s high of $22.84 and then at $23.00. Next support is seen at today’s low of $22.29 and then at $22.00. Wyckoff's Market Rating: 3.0.
March N.Y. copper closed down 465 points at 373.45 cents today. Prices closed near the session low today and hit a three-week low. The copper bears have the overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 390.00 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 today’s high of 379.50 cents and then at this week’s high of 383.30 cents. First support is seen at 371.45 cents and then at 370.00 cents. Wyckoff's Market Rating: 4.0.
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