Gold price loses healthy profits daily, but silver bulls hit the gas

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(Kitco News) – Gold futures prices were almost stable on Monday and lost early rising gains. The US stock index hit a record high today and a surge in the US dollar index hit the gold market as the session progressed. However, there is silver that has gone ahead and that futures prices will close at a high of 13 weeks today. Gold futures last February fell $ 2.40 to $ 1,880.90 and Comex silver rose $ 0.642 to $ 26.55 an ounce in March.

Global stock markets were mostly overnight. The market rumbled by President Trump over the weekend in a surprise move to sign the Covid-19 bill that the U.S. Congress agreed on just before Christmas. The bill provides direct payments to Americans and also loans to U.S. businesses.

Traders and investors are also excited about continuing Covid vaccines in the US and Europe. Yet the enthusiasm is tempered by the pandemic that is still out of control in the US, Europe and other parts of the world. Some health experts believe January will be the worst month yet, in terms of human toll. Restrictions on many businesses in many places remain in place and may become stricter in January.

The US dollar index is almost stable in afternoon trading. The other major outside market sees Nymex crude oil prices slightly lower in February, trading at around $ 48.00 a barrel. The yield on the standard ten-year futures contract in the U.S. Treasury bill is currently about 0.956%.

Technically, February gold futures bulls have the overall technical advantage in the short term, amid a four-week-old price increase in the daily bar chart. The Bulls’ next upward price target is to end futures contracts in December above solid resistance at the November high of $ 1,973.30. Bears’ next short-term downward price target pushes futures prices below solid technical support at $ 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 the lowest point of $ 1,873.00 and then the lowest price of $ 1,859.00. Wyckoff’s Market Rating: 6.0.

March’s silver futures prices would close at a 13-week high. Silver futures bulls have the overall technical advantage in the short term amid a four-week-old price increase in the daily bar chart. The next upward price target for Silver Bulls is closing prices above solid technical resistance at the December high of $ 27,635 per ounce. The next downside price target for the bears is to close prices below a solid support of $ 25.00. The first resistance is seen today at $ 26.98 and then at $ 27,635. The next support is seen at $ 26.00 and then at $ 25.50. Wyckoff’s Market Rating: 6.5.

Buyer of March closed 75 points today at 357.00 cents. The prices are closer to the session today. The copper bulls have the overall technical advantage in the short term, as prices are higher this month than a high of almost eight years. The next upward price target of copper bulls is to push prices above 370.00 cents above solid technical resistance. The next downside price target for the Bears is to close prices under 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.