(Kitco News) – Gold and silver prices are firmer in midday U.S. trading Tuesday, as traders stepped in to do some perceived bargain hunting on early-session price pullbacks. Trading action is more subdued just ahead of this week’s monetary policy decisions by major central banks. February gold was last up $7.10 at $1,930.00 and March silver was up $0.057 at $23.795.
The U.S. data point of the week is the Federal Reserve Open Market Committee (FOMC) meeting that began Tuesday morning and ends Wednesday afternoon with a statement. Most believe the Fed will raise the key U.S. interest rate by 0.25%, following the recent 0.5% rate hikes. Trading in stock and financial markets may be more muted just ahead of the FOMC statement and press conference by Fed Chairman Jerome Powell Wednesday afternoon. The European Central Bank and Bank of England hold their monetary policy meetings Thursday.
Global stock markets were mostly lower overnight. U.S. stock indexes are higher at midday. Another tamer U.S. inflation report this morning mildly boosted trader and investor sentiment. The U.S. fourth-quarter employment cost index rose just 0.1% and was up 5.1%, year-on-year. The U.S. stock indexes are still in price uptrends on the daily bar charts and the stock index bulls have the overall near-term technical advantage.
The key outside markets today see the U.S. dollar index a bit weaker. Nymex crude oil futures prices are up and trading around $78.75 a barrel. Oil traders are awaiting an OPEC-plus cartel meeting Wednesday. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 3.523%.
![Live 24 hours gold chart [Kitco Inc.]](https://news.google.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, February gold futures bulls have the solid overall near-term technical advantage. A three-month-old uptrend is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $2,000.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,885.00. First resistance is seen at this week’s high of $1,933.60 and then at the January high of $1,949.80. First support is seen at last week’s low of $1,912.50 and then at $1,900.00. Wyckoff’s Market Rating: 8.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://news.google.com/images/live/silver.gif)
March silver futures bulls have the overall near-term technical advantage. However, trading has been choppy and sideways for weeks. Silver bulls’ next upside price objective is closing prices above solid technical resistance at the January high of $24.775. The next downside price objective for the bears is closing prices below solid support at $22.00. First resistance is seen at $24.000 and then at last week’s high of $24.415. Next support is seen at last Friday’s low of $23.39 and then at today’s low of $23.05. Wyckoff’s Market Rating: 6.5.
March N.Y. copper closed up 110 points at 421.25 cents today. Prices closed nearer the session high today. The copper bulls have the solid overall near-term technical advantage. A four-month-old uptrend is in place on the daily bar chart. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at 440.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 400.00 cents. First resistance is seen at this week’s high of 424.90 cents and then at last week’s high of 430.25 cents. First support is seen at today’s low of 411.85 cents and then at 405.00 cents. Wyckoff’s Market Rating: 7.5.
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.
