The price of gold loses healthy daily earnings, but silver bulls step on the gas

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(Kitco News) – Gold futures prices are almost stable on Monday’s midday US session and have lost solid initial gains. US stock indexes reaching record highs today and a recovery in the US dollar index has hit the gold market as the session progressed. However, silver has advanced and futures prices are expected to close at a 13-week high today. February gold futures fell $ 2.40 to $ 1,880.90 and March’s Comex silver rose $ 0.642 to $ 26.55 an ounce.

Global stock markets rose mainly overnight. The market was boosted by President Trump in a surprise action over the weekend by signing the Covid-19 aid bill that the U.S. Congress agreed to just before Christmas. The project provides for direct payments to Americans and also loans to American companies.

Traders and investors are also more optimistic as Covid’s vaccines continued to be launched in the US and Europe. Even so, the enthusiasm is tempered by the pandemic that remains out of control in the United States, Europe and other parts of the world. Some health experts say that January will be the worst month so far, in terms of the number of people. Restrictions on many companies in many locations remain in place and may be tightened in January.

The US dollar index is almost stable at midday trading. The other major foreign market sees Nymex oil futures prices in February slightly down, trading at around $ 48.00 a barrel. The yield on 10-year reference US Treasury bill futures is currently around 0.956%.

Technically, February gold bulls have the overall short-term technical advantage amid a four-week price trend on the daily bar chart. The Bulls’ next bullish price target is to produce a close on December futures above solid resistance at the November high of $ 1,973.30. The bears’ next short-term low price objective is to push future prices below solid technical support to $ 1,820.00. The first resistance is seen at $ 1,900.00 and then at the December high of $ 1,912.00. The first support is seen at today’s low of $ 1,873.00 and then at last week’s low of $ 1,859.00. Wyckoff’s market rating: 6.0.

March silver futures prices were expected to close higher in 13 weeks. Silver futures bulls have the firm overall short-term technical advantage amid a four-week price trend on the daily bar chart. The next bullish price target for silver bulls is to close prices above solid technical resistance at the December high of $ 27.635 an ounce. The bears’ next downside price target is closing prices below solid support at $ 25.00. The first resistance is seen at today’s high of $ 26.98 and then at $ 27.635. The next support is seen at $ 26.00 and then at $ 25.50. Wyckoff market rating: 6.5.

March copper in NY closed up 75 points at 357.00 cents today. Prices closed near the low of today’s session. Copper bulls have a solid general short-term technical advantage as prices fluctuate close to an almost eight-year high recorded this month. The next bullish price target for copper bulls is to push and close prices above solid technical resistance at 370.00 cents. The bears’ next downside price target is closing prices below solid technical support at 340.00 cents. The first resistance is seen at today’s high of 361.80 cents and then at the December high of 364.55 cents. The first support is seen at 353.00 cents and then at 350.00 cents. Wyckoff’s market rating: 8.0.