(Kitco News, Thurs. Feb. 3rd, 2022) – Gold and silver futures prices are weaker but up from their daily lows in midday U.S. trading Thursday. Rising U.S. Treasury yields on this day are a bearish element for the safe-haven metals, which pay no dividend. This week’s big rebound in the U.S. stock indexes is also an underlying negative for the precious metals. April gold futures were last down $2.70 at $1,807.60 and March Comex silver was last down $0.287 at $22.415 an ounce.
The marketplace today did not showing significant reaction to news that a precision U.S. military strike in Syria has killed the leader of ISIS.
Global stock markets were mixed overnight. U.S. stock indexes are solidly lower at midday. The U.S. stock index bulls are still having a pretty good week. Generally upbeat U.S. corporate earnings reports are boosting trader and investor confidence. China’s markets are closed this week for the Lunar New Year holiday.
In other news, the Bank of England today raised its key interest rates at its regular monetary policy meeting. Meantime, the European Central Bank at its meeting today hold its rates steady, for now.
In other news, the Euro zone got some hot inflation data overnight. Its December producer price index came in at up 26.2%, year-on-year, mainly because of rising energy costs. Still, excluding energy the PPI was up 10%, year-on-year.
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The important U.S. Labor Department employment situation report is due out Friday morning. That report is also expected to be downbeat, with its key non-farm payrolls number expected to come in up only 150,000 jobs in January.
The key outside markets today see crude oil prices higher and trading around $88.60 a barrel. The U.S. dollar index is solidly lower again today as the USDX bulls have faded badly this week. That’s a positive for the metals markets. The U.S. Treasury 10-year note yield is presently fetching 1.8%.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif)
Technically, April gold futures bulls have the slight overall near-term technical advantage. However, a bear flag pattern has formed on the daily bar chart. Bulls’ next upside price objective is to produce a close 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 this week’s high of $1,812.00 and then at $1,820.00. First support is seen at $1,800.00 and then at today’s low of $1,788.50.
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
March silver futures bears have the firm 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 today’s high of $22.66 and then at this week’s high of $23.06. Next support is seen at this week’s low of $22.00 and then at $21.40. Wyckoff’s Market Rating: 2.5.
March N.Y. copper closed down 235 points at 447.25 cents today. Prices closed nearer the session high 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 460.10 cents. The next downside price objective for the bears is closing prices below solid technical support at the December low of 419.95 cents. First resistance is seen at this week’s high of 450.90 cents and then at 455.00 cents. First support is seen at today’s low of 442.30 cents and then at 440.00 cents.
Posted by:
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com