(Kitco News) – Gold and silver prices are firmer in early U.S. trading on Tuesday, due to some short selling in futures markets and a perceived bargain hunt in spot markets. A weaker US dollar index is also having a positive impact on bulls in the precious metals markets today. April gold prices were last up $9.00 at $2,047.90. In March, the price of silver last rose by $0.174 to $22.70.
The Asian and European stock markets predominantly recorded higher prices in overnight trading. US stock index futures are expected to rise slightly at the start of the New York session. The trading week has been quieter so far, but economic data in the USA is picking up speed today
In other news, President Biden said there is hope for a ceasefire between Israel and Hamas during the Ramadan holiday.
Key external markets are seeing a slightly lower US dollar index today. Crude oil prices on Nymex have fallen slightly and are trading at around $77.25 per barrel. The yield on the benchmark 10-year U.S. Treasury note is currently 4.276%.
U.S. economic data scheduled to be released on Tuesday includes the Johnson Redbook weekly retail sales report, durable goods orders, monthly housing price index, consumer confidence index and the Richmond Fed economic survey.
Overall, from a technical perspective, gold futures bears have a slight technical advantage in the short term. On the daily bar chart, prices are in a three-month-old downtrend. Bulls' next price objective is to close April futures above solid resistance at the February high of $2,083.20. The bears' next short-term downside price objective is to push 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 the weekly low of $2,034.10 and then at $2,025.00. Wyckoff's market rating: 4.5.
Overall, the silver bears have the short-term technical advantage. Silver bulls' next upside price objective is for March futures prices to close above solid technical resistance at the February high of $23.56. The next downside price objective for the bears is a close below solid support at the February low of $21.975. First resistance is seen at $23.00 and then at $23.20. The next support is seen at the weekly low of $22.455 and then at $22.00. Wyckoff's market rating: 3.5.
(Hey! My weekly email report “Markets Front Burner” is, in my opinion, my best writing and analysis because I get to look into the future of the market and do some market price predictions. I also become an educational feature build in to move me You're climbing the ladder of success in trading/investing. And it's free! Email me at [email protected] and I'll add your email address to my front burner list. )
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 the accuracy of the information provided; However, neither Kitco Metals Inc. nor the author can guarantee this accuracy. This article is for informational purposes only. It is not a request to exchange goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no liability for any loss and/or damage arising from the use of this publication.
Comments are closed.