(Kitco News) – Gold and silver prices are a bit weaker in early U.S. futures buying and selling Thursday. The metals are pressured partly by falling crude oil costs that hit a six-week low in a single day. The safe-haven metals are additionally seeing restricted shopping for curiosity as a result of there are presently no main geopolitical occasions to spook {the marketplace}. February gold futures were last down $1.30 an ounce at 1,555.50. March Comex silver prices were last down $0.138 at $17.69 an ounce.
Asian and European stock markets were mostly down overnight. U.S. stock indexes are pointed toward weaker openings when the New York day session begins. The coronavirus impacting China has now killed 17 citizens there as China has locked down the city of 10 million people, Wuhan, reports said. At least one case of the virus is in the U.S. Markets are keeping a close eye on this matter. President Trump’s trade threats against the European Union in an interview in Davos on Wednesday are also unsettling European traders.
The key European event today is the regular monetary policy meeting of the European Central Bank. There was no change in ECB policy, as expected, but the press conference from ECB President Lagarde will be closely monitored. The statement leans a bit easy on monetary policy as it said the ECB’s bond-buying program will continue “as long as necessary.”
The key outside markets today see crude oil prices down and trading around $56.00 a barrel. The U.S. dollar index is close to regular early as we speak.
U.S. financial knowledge due for launch Thursday contains the weekly jobless claims report, main financial indicators, the weekly DOE liquid vitality shares report, and the Kansas Metropolis Fed manufacturing survey.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188 "Gold, silver prices fade; slumping crude oil bearish 2"){kind=small}
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 each 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 assist at $1,525.00. First resistance is seen on the in a single day excessive of $1,563.30 after which at this week’s excessive of $1,568.80. First assist is seen at $1,550.00 after which at $1,541.00. Wyckoff’s Market Ranking: 6.5
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif "Gold, silver prices fade; slumping crude oil bearish 3")
March silver futures bulls and bears are on a stage total 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 following draw back value breakout goal for the bears is closing costs under strong assist at $17.00. First resistance is seen on the in a single day excessive of $17.91 after which at $18.00. Subsequent assist is seen on the in a single day low of $17.59 after which at $17.50. Wyckoff’s Market Ranking: 5.0.
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