(Kitco News) – Gold and silver prices are lower in midday U.S. trading Monday. Chart-based selling is featured in a quieter marketplace to start the trading week. The precious metals markets traders are looking for a fresh fundamental spark to drive price action. April gold was last down $11.90 at $2,037.50. March silver was last down $0.452 at $22.525.
U.S. stock index futures are narrowly mixed at midday but not far below the record highs scored Friday. The recent stock market rally has been a negative for the safe-haven metals, amid the better risk appetite in the marketplace.
The key outside markets today see the U.S. dollar index slightly lower. Nymex crude oil prices are up and trading around $77.25 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently fetching 4.413%. An uptick in bond yields today is also a negative for gold and silver.
Technically, April 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 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 today’s high of $2,046.80 and then at last week’s high of $2,053.20. First support is seen at last Friday’s low of $2,025.40 and then at $2,007.60. Wyckoff’s Market Rating: 4.5.
March silver futures bears have the overall near-term technical advantage. Silver bulls’ next upside price objective is closing 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 $22.40 and then at $22.00. Wyckoff’s Market Rating: 3.5.
March N.Y. copper closed down 530 points at 382.70 cents today. Prices closed nearer the session low today. The copper bulls have the slight overall near-term technical advantage. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at the January high of 394.70 cents. The next downside price objective for the bears is closing prices below solid technical support at the February low of 365.50 cents. First resistance is seen at today’s high of 387.15 cents and then at last week’s high of 390.85 cents. First support is seen at 380.00 cents and then at 375.00 cents. Wyckoff’s Market Rating: 5.0.
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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.