(Kitco News) – Gold and silver futures prices are higher in early U.S. trading Monday, boosted in part by a U.S. dollar index that has dropped sharply from its late-January high. April gold futures were last up $7.30 at $1,815.10 and March Comex silver was last up $0.445 at $22.92 an ounce.
Global stock markets were mixed overnight. U.S. stock indexes are pointed toward slightly lower openings when the New York day session begins. Focus remains in corporate earnings reports being released, which have been generally upbeat. Friday’s surprisingly strong U.S. jobs report also has traders and investors focusing more keenly on Federal Reserve policy, with some market watchers now thinking the Fed will hike its key Fed funds rate by 0.5% in March. Inflation worries are also likely prompting some buying interest in the metals markets.
The key outside markets today see crude oil prices lower and trading around $91.50 a barrel after prices Friday hit a seven-year high. Oil traders are eyeing $100-a-barrel crude in the not-too-distant future. The U.S. dollar index is weaker early today. The U.S. Treasury 10-year note yield is presently fetching 1.925%.
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Gold to take on $1,900 by year-end but ‘boring’ $1,800 level will be sticky – StoneX |
U.S. economic data due for release Monday includes the employment trends index and consumer credit.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif)
Technically, the April gold futures bulls have the overall near-term technical advantage. Bulls’ next upside price objective is to produce a close in February futures above solid resistance at the January high of $1,856.70. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at the December low of $1,755.40. First resistance is seen at the $1,820.00 and then at $1,825.00. First support is seen at $1,800.00 and then at Friday’s low of $1,792.10.
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
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 $24.00 an ounce. The next downside price objective for the bears is closing prices below solid support at the December low of $21.41. First resistance is seen at $23.06 and then at $23.48. Next support is seen at the overnight low of $22.50 and then at $22.25
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com