Gold, silver returns on short end of month wear

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(Kitco News) – Gold and silver prices were higher and near daily highs in midday U.S. trading on Tuesday. Short closings to close out February and bargain hunting are indicated after gold hit a nine-week low and silver near a four-month low overnight. April gold was up $11.90 at $1,836.80 and March silver was up $0.275 at $20.95.

The U.S. consumer confidence index that fell mid-morning is what started the move back to higher price levels, from the low prices seen overnight in both metals.

Global stock markets were mixed overnight. U.S. stock indexes were mixed at midday. The market has been quiet so far this week, in the absence of new, big news.

Key foreign exchange markets this morning are seeing the US dollar weaken slightly. The price of Nymex crude oil futures is very high and is trading around $77.50 per barrel, and it is supporting the bulls of the metals market for the day. The yield on the 10-year US Treasury note is currently 3.936%.

In fact, the price of April gold futures hit a nine-week low earlier today and then went back on track to beat “outside the day” highs. A short dress is shown. The Bears still have the overall technical advantage of the closer. The price range is in the regular chart. The bulls’ next objective is to form a close above strong resistance at last week’s high of $1,856.40. The bearish bearish price target for the future is pushing the futures price below the effective technical support at $1,800.00. First resistance is seen at $1,841.20 and then at $1,850.00. Initial support is seen at $1,825.00 and then at today’s low of $1,810.80. Wyckoff Market Rating: 4.0.

Silver futures for March hit near four-month lows earlier today and then bounced back to maintain value outside. Silver bears have a strong overall technical advantage. Prices are in a reversal on the daily chart. The next bullish price target is a close above the technical resistance at $22.00. The next downside price target for the bears is closing the price below the positive support at $20.00. First resistance is seen at $21.00 and then at $21.395. Future support is seen at the low of $20.475 and then at $20.25. Wyckoff Market Rating: 3.5.

March NY copper closed 880 points at 409.70 cents today. Prices closed near the high session today and saw a short close after hitting a seven-week low Monday. Copper bulls have a near total technical advantage. The price is still in a six-week low on the daily chart. The goal of Copper Bulls’ next price reversal objective is to push and close the price above the technical resistance at the February high of 423.70 cents. The next downside price target for the bears is closing the price below solid technical support at the January low of 370.85. The first resistance is seen at 415.00 cents and then at 420.00 cents. First support is seen at the low of 400.30 cents and then at this week’s low of 393.45. Wyckoff Market Rating: 6.0.