(Kitco News) – Gold prices are slightly higher and silver slightly lower in midday U.S. trading Monday. The marketplace is quieter to start the trading week, just ahead of major central bank activity this week. April gold was last up $2.50 at $2,164.00. May silver was last down $0.066 at $25.32.
The U.S. data point of the week will be the Federal Open Market Committee (FOMC) monetary policy meeting that begins 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.
In overnight news, economic data out of China was a mixed bag. January-February industrial output rose 7%, year-over-year, which is the fastest growth in two years. Retail sales in the same period were up 5.5%, down from 7.4% growth in the December period.
The Eurozone February consumer price index was reported up 2.6%, year-on-year, which was right in line with market expectations.
The key outside markets today see the U.S. dollar index slightly higher. Nymex crude oil prices are firmer and trading around $82.00 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently fetching around 4.35%.
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. 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 today’s high of $2,167.20 and then at Friday’s high of $2,176.90. First support is seen at today’s low of $2,149.20 and then at $2.140.00. Wyckoff’s Market Rating: 8.0.
May silver futures prices hit a three-month high Friday. The silver 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 last week’s high of $25.66 and then at $26.00. Next support is seen at $25.00 and then at $24.50. Wyckoff’s Market Rating: 7.0.
May N.Y. copper closed up 190 points at 414.35 cents today. Prices closed nearer the session high and hit a 12-month high. 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 416.40 cents and then at 420.00 cents. First support is seen at today’s low of 410.20 cents and then at 405.00 cents. Wyckoff’s Market Rating: 8.0.
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