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(Kitco News) – Gold and silver prices are lower during early US trading on Tuesday, with gold hitting a nine-week low and silver hitting a nearly four-month overnight low. Deteriorating technical positions for both precious metals continue to invite chart-based speculators to the sell sides of the markets. A lack of major news developments and no major economic reports this week allows technical traders to dominate trading. April’s gold last dropped $9.40 to $1,815.60 and March’s silver fell $0.125 to $20,545.
Global stock markets were mixed overnight. US stock indices are pointing to slightly higher opens as the New York Day session begins. The market has been quieter so far this week.
The US dollar index has risen slightly in major external markets this morning. Nymex crude oil futures prices are higher, trading around $77.00 a barrel. The yield on the benchmark US 10-year Treasury bill is currently at 3.943%.
The US economic data to be released Tuesday includes the weekly Johnson Redbook and retail chain indices, the Advance Economic Indicators Report, the monthly home price index, the S&P Core-Logic Case-Shiller home indices, the Chicago ISM business survey, the Richmond Fed business activity survey and consumer confidence index.
Technically, the gold futures bears have the overall short-term technical advantage. Prices are in a downward trend on the daily bar chart. Bulls next upside price target is to close April futures above solid resistance at last week’s high of $1,856.40. Bears’ next near-term downside price target is to push futures prices below solid technical support at $1,800.00. The first resistance is seen at this week’s high at $1,827.30 and then at $1,841.20. The first support is seen at the overnight low of $1,810.80 and then at $1,800.00. Wyckoff’s market rating: 4.0.
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The silver bears have the overall short-term technical advantage. Prices are in a steep downtrend on the daily bar chart. Silver Bulls next upside price target is to close March futures prices above solid technical resistance at $22.00. The next downside price target for the bears is to close prices below solid support at $19.00. The first resistance is seen at this week’s high at $20.82 and then at $21.00. The next support is seen at $20.25 and then at $20.00. Wyckoff’s market valuation: 3.5.
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 that the information provided is accurate; Neither Kitco Metals Inc. however, neither the author can guarantee such accuracy. This article is for informational purposes only. It is not an invitation to trade commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no liability for any loss and/or damage resulting from the use of this publication.
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