Gold, silver hold near steady following as-expected FOMC statement

(Kitco News) – Gold and silver prices are nonetheless buying and selling not removed from unchanged in late U.S. futures buying and selling Wednesday. Silver costs did hit a five-week low in a single day, following Tuesday’s beat-down. Focus at mid-week has turned away from the coronavirus outbreak and to different issues doubtlessly impacting markets, together with this afternoon’s conclusion of the FOMC assembly. February gold futures had been final down $0.60 an oz. at 1,569.20. March Comex silver costs had been final up $0.012 at $17.465 an oz..

The just-released Federal Reserve Open Market Committee (FOMC) assertion noticed no change in U.S. financial coverage, as anticipated. The assertion stated the U.S. financial system and labor market are rising reasonably amid acceptable financial coverage and amid non-problematic inflation. The assertion stated the Fed will proceed to monitor world developments, however didn’t specify what these developments may be. Fed watchers shall be to see if Fed Chairman Powell at his press convention addresses very short-term credit score funding for banks. That fee in previous months turned unstable, inflicting in a single day lending charges to briefly spike.

Whereas the coronavirus outbreak continues to be in no way contained, {the marketplace} at this level is deeming the occasion as absolutely factored into market costs. That notion might change. Merchants and buyers are turning their consideration to different issues.

The key outdoors markets right this moment see crude oil costs decrease and buying and selling round $53.15 a barrel. Meantime, the U.S. greenback index is barely greater and is close to this week’s two-month excessive.

Technically, February gold futures costs closed nearer the session excessive right this moment. The bulls nonetheless have the general near-term technical benefit as a 2.5-month-old worth uptrend is in place on the every day bar chart. Gold bulls’ subsequent upside near-term worth breakout goal is to supply an in depth above strong technical resistance on the January excessive of $1,613.30. Bears’ subsequent near-term draw back worth breakout goal is pushing costs beneath strong technical assist at $1,550.00. First resistance is seen at right this moment’s excessive of $1,573.90 after which at Tuesday’s excessive of $1,582.20. First assist is seen at right this moment’s low of $1,562.00 after which at 1,550.00. Wyckoff’s Market Ranking: 6.5

March silver futures costs closed close to the session excessive right this moment and hit a five-week low early on. The silver bears have the general near-term technical benefit as a downtrend is in place on the every day bar chart. Silver bulls’ subsequent upside worth breakout goal is closing costs above strong technical resistance at $18.00 an oz.. The subsequent draw back worth breakout goal for the bears is closing costs beneath strong assist at $17.00. First resistance is seen at $17.75 after which at $18.00. Subsequent assist is seen at right this moment’s low of $17.28 and then at $17.00. Wyckoff’s Market Ranking: 4.0.

March N.Y. copper closed down 240 factors at 255.50 cents right this moment. Costs closed close to the session low and hit one other 3.5-month low right this moment. The copper bears have the strong general near-term technical benefit amid a steep worth downdraft occurring. Copper bulls’ subsequent upside worth goal is pushing and shutting costs above strong technical resistance at 270.00 cents. The subsequent draw back worth goal for the bears is closing costs beneath strong technical assist on the September low of 249.35 cents. First resistance is seen at 257.50 cents after which at 260.00 cents. First assist is seen at 255.00 cents after which at 252.50 cents. Wyckoff’s Market Ranking: 2.5.