(Kitco News) – Gold and silver prices are reasonably down in noon U.S. futures buying and selling Tuesday. Some upbeat remarks on the U.S. economic system by Federal Reserve Chairman Jerome Powell helped to sink the safe-haven metals at present. And on this present day the worldwide market determined to brush off the coronavirus outbreak that continues to unfold, which in flip rallied international inventory markets, a competing asset class for the dear metals. February gold futures had been final down $9.90 an oz at 1,569.60. March Comex silver prices were last down $0.215 at $17.57 an ounce.
Powell laid out a generally upbeat theme for the U.S. economy. He said the U.S. economy is in a good place at present and hinted the Fed will not be lowering interest rates this year. Powell did say the Fed is closely monitoring the coronavirus situation and said it is likely to slightly impact the U.S. economy.
While the coronavirus outbreak continues to spread, it is now spreading at a lower rate of growth of new cases, which has again somewhat assuaged the marketplace Tuesday. There are now over 1,000 reported dead in China and over 42,500 afflicted. On this day the marketplace reckons the spread of the illness is getting under control and that the Chinese government, working with the U.S. and other countries, will keep the outbreak from becoming a pandemic. Traders and investors have been calmed down before on this matter, only to become anxious again. Once again, traders are markets are fickle.
The key outside markets today see crude oil prices higher and trading around $50.30 a barrel. Meantime, the U.S. dollar index is barely weaker in a single day after hitting a nine-month excessive in a single day.
Technically, April gold futures bulls have the general near-term technical benefit. Nonetheless, they should present extra energy to restart a three-month-old value uptrend on the each day bar chart. Gold bulls’ subsequent upside near-term value breakout goal is to supply a detailed above strong technical resistance on the February excessive of $1,598.50. Bears’ subsequent near-term draw back value breakout goal is pushing costs under strong technical assist at $1,542.80. First resistance is seen at this week’s excessive of $1,580.50 after which at $1,590.00. First assist is seen at at present’s low of $1,565.20 after which at $1,560.00. Wyckoff’s Market Ranking: 6.5
March silver futures bears have gained the slight total near-term technical benefit. A four-week-old value downtrend line is in place on the each day bar chart. Silver bulls’ subsequent upside value breakout goal is closing costs above strong technical resistance at $18.375 an oz. The following draw back value breakout goal for the bears is closing costs under strong assist at $17.00. First resistance is seen at this week’s excessive of $17.825 after which at $18.00. Subsequent assist is seen eventually week’s low of $17.465 after which on the January low of $17.28. Wyckoff’s Market Ranking: 4.5.
March N.Y. copper closed up 335 factors at 258.40 cents at present. Costs closed close to mid-range at present. The copper bears have the agency total near-term technical benefit. A bearish pennant sample has shaped on the each day bar chart. Copper bulls’ subsequent upside value goal is pushing and shutting costs above strong technical resistance at 270.00 cents. The following draw back value goal for the bears is closing costs under strong technical assist on the February low of 248.75 cents. First resistance is seen at at present’s excessive of 260.75 cents after which on the February excessive of 262.25 cents. First assist is seen at at present’s low of 255.55 cents after which at this week’s low of 254.00 cents. Wyckoff’s Market Ranking: 2.5.
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