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February 17, 2025
PI Global Investments
Silver

Gold, silver down as USDX sharply up, Treasury yield rise


(Kitco News) – Gold and silver prices are lower in midday U.S. trading Tuesday, pressured by strong gains in the U.S. dollar index and a rise in U.S. Treasury yields. February gold was last down $15.60 at $2,035.90. March silver was last down $0.214 at $23.115.

U.S. stock index futures are lower at midday. As U.S. traders get back from a long holiday weekend (U.S. markets were closed Monday for the Martin Luther King holiday.) they found elevated risk aversion in the marketplace following weekend Houthi attacks on vessels in the Red Sea, and U.S. and U.K. retaliatory air strikes in Yemen. That helped to push the U.S. dollar index sharply higher today.

In other news, China’s central bank leaving its monetary policy unchanged disappointed those looking for more stimulus amid recent downbeat economic data from the world’s second-largest economy.

The key outside markets today see the U.S. dollar index sharply higher and hitting a four-week high. Nymex crude oil prices are near steady and trading around $72.75 a barrel. Meantime, the yield on the benchmark U.S. Treasury 10-year note is presently fetching 4.043%.

Technically, February gold futures bulls still have the overall near-term technical advantage. Prices are in a three-month-old uptrend on the daily bar chart. 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 $2,050.00 and then at today’s high of $2,062.80. First support is seen at today’s low of $2,034.60 and then at $2,025.00. Wyckoff’s Market Rating: 6.5.

March silver futures bears have the overall near-term technical advantage. A six-week-old downtrend is in place on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $24.895. The next downside price objective for the bears is closing prices below solid support at the November low of $22.26. First resistance is seen at today’s high of $23.50 and then at last week’s high of $23.72. Next support is seen at $23.00 and then at last week’s low of $22.63. Wyckoff’s Market Rating: 3.5.

March N.Y. copper closed up 320 points at 377.25 cents today. Prices closed nearer the session high today. The copper bears have the overall near-term technical advantage. Prices are in a fledgling downtrend on the daily bar chart. 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 365.00 cents. First resistance is seen at last week’s high of 384.05 cents and then at 388.00 cents. First support is seen at last week’s low of 373.50 cents and then at the December low of 372.90 cents. Wyckoff’s Market Rating: 4.0.

Try out my “Markets Front Burner” email report. My next one is due out today and is going to be entitled, “When China sneezes…” Front Burner is my best writing and analysis, I think, because I get to look ahead at the marketplace and do some market price forecasting. And it’s free! Sign up to my new, free weekly Markets Front Burner newsletter, at https://www.kitco.com/services/markets-front-burner.html .

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.



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