(Kitco News) – Gold and silver prices are firmer in early U.S. trading Tuesday, on some short covering in the futures markets and some perceived bargain hunting in the cash markets. A weaker U.S. dollar index today is also working in favor of the precious metals markets bulls. April gold was last up $9.00 at $2,047.90. March silver was last up $0.174 at $22.70.
Asian and European stock markets were mostly higher in overnight trading. U.S. stock index futures are set to open slightly up when the New York day session begins. It’s been a quieter trading week so far, but the economic data pace picks up today in the U.S.
In other news, President Biden said there is some hope for an Israel-Hamas ceasefire during the Ramadan holiday period.
The key outside markets today see the U.S. dollar index slightly lower. Nymex crude oil prices are slightly down and trading around $77.25 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently fetching 4.276%.
U.S. economic data due for release Tuesday includes the weekly Johnson Redbook retail sales report, durable goods orders, the monthly house price index, the consumer confidence index and the Richmond Fed business survey.
Technically, the gold futures bears have the slight overall near-term technical advantage. Prices are in a three-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 $2,000.00. First resistance is seen at last week’s high of $2,053.20 and then at $2,061.00. First support is seen at this week’s low of $2,034.10 and then at $2,025.00. Wyckoff’s Market Rating: 4.5.
The silver bears have the overall near-term technical advantage. Silver bulls’ next upside price objective is closing March futures prices above solid technical resistance at the February high of $23.56. 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 $23.00 and then at $23.20. Next support is seen at this week’s low of $22.455 and then at $22.00. Wyckoff’s Market Rating: 3.5.
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