Modest price gains for gold, silver amid bullish charts


(Kitco News) – Gold and silver prices are a bit higher in early U.S. trading Tuesday. Both precious metals are supported by bullish near-term technical postures, which continue to invite the speculative longs into the futures markets. February gold was last up $3.10 at $2,036.10. March silver was last up $0.47 at $25.085.

Asian and European markets were mixed in overnight trading, with Asian shares mostly up and European shares mostly down. U.S. stock indexes are pointed toward slightly lower openings when the New York day session begins. Geopolitical tensions have not escalated in recent weeks, which has calmed the general marketplace and allowed risk appetite to up-tick.

The key outside markets today see the U.S. dollar index slightly higher. Nymex crude oil prices are firmer and trading around $75.75 a barrel. An OPEC-plus meeting takes place this week. Reports say there have been cartel member disagreements on whether to further cut collective crude oil production. However, now the consensus is that at this meeting OPEC will announce another cut in its overall production. The yield on the benchmark U.S. Treasury 10-year note is presently fetching 4.4%.

U.S. economic data due for release Tuesday includes the weekly Johnson Redbook retail sales report, the quarterly and monthly house price indexes, the S&P Core Logic home price indexes, the Richmond Fed business survey, and the consumer confidence index.

Live 24 hours gold chart [Kitco Inc.]

Technically, the gold futures bulls have the overall near-term technical advantage. Bulls’ next upside price objective is to produce a close in March futures above solid resistance at $2,050.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $2,000.00. First resistance is seen at the October high of $2,039.70 and then at $2,050.00. First support is seen at this week’s low of $2,022.00 and then at last Friday’s low of $2,011.30. Wyckoff’s Market Rating: 6.0

Live 24 hours silver chart [ Kitco Inc. ]

The silver bulls have the firm overall near-term technical advantage. Prices are in a two-month-old uptrend on the daily bar chart. Silver bulls’ next upside price objective is closing March futures prices above solid technical resistance at the July high of $26.10. The next downside price objective for the bears is closing prices below solid support at $23.50. First resistance is seen at this week’s high of $25.29 and then at the August high of $25.775. Next support is seen at this week’s low of $24.68 and then at $24.50. Wyckoff’s Market Rating: 7.0.

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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.

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