(Kitco News) - Gold and silver prices are lower in midday U.S. trading Tuesday. A solid rebound in the U.S. dollar index the past few sessions is a bearish element weighing down the precious metals markets. April gold was last down $10.00 at $2,154.20. May silver was last down $0.17 at $25.10.
The marketplace remains subdued early this week, ahead of the results of the Federal Open Market Committee (FOMC) monetary policy meeting that began Tuesday morning and ends Wednesday afternoon with a statement and press conference from Fed Chairman Jerome Powell. No change in policy is expected, but as always the marketplace will parse the statement and Powell’s presser for clues on the future path and timing of monetary policy.
Asian and European stock markets were mixed in overnight trading. U.S. stock index futures are mixed at miday.
The key outside markets today see the U.S. dollar index higher. The USDX bulls have regained the near-term technical advantage. Nymex crude oil prices are higher and trading around $83.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently fetching around 4.3%.
Technically, April gold futures bulls still have the solid overall near-term technical advantage. A four-week-old uptrend is in place on the daily bar chart. A bullish pennant pattern has formed on the daily bar chart, but needs to see an upside breakout very soon to complete the formation. Bulls’ next upside price objective is to produce a close above solid resistance at the contract high of $2,203.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,100.00. First resistance is seen at this week’s high of $2,167.20 and then at $2,180.00. First support is seen at this week’s low of $2,149.20 and then at $2.140.00. Wyckoff's Market Rating: 8.0.
May silver futures bulls have the firm overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at the December high of $26.575. The next downside price objective for the bears is closing prices below solid support at $24.00. First resistance is seen at today’s high of $25.36 and then at last week’s high of $25.66. Next support is seen at today’s low of $24.92 and then at $24.50. Wyckoff's Market Rating: 7.0.
May N.Y. copper closed down 530 points at 407.70 cents today. Prices closed nearer the session low saw profit taking after hitting a 12-month high Monday. The copper bulls have the solid overall near-term technical advantage. Prices are in a steep five-week-old uptrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing
prices above solid technical resistance at 425.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 400.00 cents. First resistance is seen at today’s high of 413.65 cents and then at this week’s high of 416.40 cents. First support is seen at today’s low of 405.75 cents and then at 400.00 cents. Wyckoff's Market Rating: 7.5.
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