(Kitco News) - Gold and silver prices are not trading too far from unchanged on the day in early U.S. trading Wednesday. Traders and investors are treading water just ahead of this afternoon’s release of the
minutes from the last FOMC meeting of the Federal Reserve. Recent warmer U.S. inflation reports have the marketplace thinking the Fed will hold off on lower interest rates until the second half of the year, if even then. The FOMC minutes may offer some more insight on the Fed’s thinking on that matter. April gold was last up $0.90 at $2,040.70. March silver was last down $0.011 at $23.125.
Asian and European stock markets were mixed in overnight trading. U.S. stock index futures are set to open weaker when the New York day session begins. It’s a busy week for U.S. corporate earnings reports.
The key outside markets today see the U.S. dollar index a bit firmer. Nymex crude oil prices are weaker and trading around $76.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently fetching 4.262%.
Other U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey and the weekly Johnson Rebook retail sales report.
Technically, the gold futures bears have the slight overall near-term technical advantage. Prices are in a 2.5-month-old downtrend on the daily bar chart. Bulls’ next upside price objective is to produce a close in April futures above solid resistance at the February high of $2,083.20. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,950.00. First resistance is seen at the overnight high of $2,043.50 and then at $2,050.00. First support is seen at this week’s low of $2,023.90 and then at last Friday’s low of $2,006.60. Wyckoff's Market Rating: 4.5.
The silver bears have the overall near-term technical advantage. However, a nine-week-old downtrend on the daily bar chart has been negated to suggest a market bottom is in place. Silver bulls' next upside price objective is closing March futures prices above solid technical resistance at $25.00. The next downside price objective for the bears is closing prices below solid support at the February low of $21.975. First resistance is seen at last week’s high of $23.56 and then at $23.72. Next support is seen at last Friday’s low of $22.84 and then at $22.50. Wyckoff's Market Rating: 4.0.
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