(Kitco News) – Gold and silver prices are regular to barely down in early U.S. futures buying and selling Wednesday. The safe-haven metals proceed to be hamstrung by largely upbeat dealer and investor attitudes at mid-week, as evidenced by U.S. inventory indexes hitting extra document highs in a single day. February gold futures were last down $2.00 an ounce at 1,555.80. March Comex silver prices were last up $0.007 at $17.815 an ounce.
Asian and European stock markets were mixed overnight. U.S. stock indexes are pointed toward firmer openings when the New York day session begins.
Focus at mid-week is on the World Economic Forum annual meeting in Davos, Switzerland. President Trump, in an interview with CNBC, said U.S. economic growth has been hamstrung by the Federal Reserve keeping interest rates too high, and by the grounded Boeing jetliner situation. Trump also threatened new trade tariffs on European countries that manufacture automobiles.
The global marketplace is keeping an eye on China health officials battling a coronavirus that has killed at least six with hundreds more afflicted, and is rapidly spreading. A case was reported in the Seattle, Washington area Tuesday.
The markets are so far paying very little attention to the impeachment of President Trump. The U.S. Senate this week is holding hold Trump’s trial.
The key outside markets today see crude oil prices down and trading around $58.00 a barrel. The U.S. dollar index is barely up early at this time.
U.S. financial knowledge due for launch Wednesday contains the weekly MBA mortgage functions survey, the weekly Goldman Sachs and Johnson Rebook retail gross sales stories, the Chicago Fed nationwide exercise index, the month-to-month home value index and current house gross sales.
Technically, the gold bulls have the general near-term technical benefit, however the January spike excessive remains to be robust chart resistance to beat. A value uptrend is nonetheless in place on the every day chart. Bulls’ subsequent upside value goal is to provide an in depth in February futures above strong resistance on the September excessive of $1,571.70. Bears’ subsequent near-term draw back value goal is pushing futures costs under strong technical help at $1,525.00. First resistance is seen on the in a single day excessive of $1,559.80 after which at this week’s excessive of $1,568.80. First help is seen on the in a single day low of $1,550.00 after which at $1,541.00. Wyckoff’s Market Score: 6.5
March silver futures bulls and bears are on a degree general near-term technical taking part in area. Silver bulls’ subsequent upside value breakout goal is closing costs above strong technical resistance on the January excessive of $18.895 an oz. The subsequent draw back value breakout goal for the bears is closing costs under strong help at $17.00. First resistance is seen at $18.00 after which ultimately week’s excessive of $18.185. Subsequent help is seen at this week’s low of $17.62 and then at $17.50. Wyckoff’s Market Score: 5.0.
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