Gold sees that the affirmative price refuses to start trading week

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(Kitco News) – Gold futures prices rose moderately in the early trading session of the US on Monday, with an affirmative setback after hitting an eight-month low last Friday. However, the buying interest in the yellow metal is likely to be hurt today by the US stock indices and a firmer US dollar index. The chart for gold also remains strong in the short term bearish after the technical negative weekly and monthly low of last Friday. Gold futures in April were last at $ 7.20 at $ 1,736.40 and March Comex silver last at $ 0.435 at $ 26,875 per ounce.

Global stock markets were higher overnight. US stock indices point to higher openings when the day begins in New York. The effects of world interest rates fell slightly at the start of the trading week, which gave the stock markets that got into trouble last week a bit of a driving force as the US treasury yield moved ten times higher than 1.6% to a year high. . The U.S. ten-year Monday is currently up 1.44%.

President Biden’s $ 1.9 billion US stimulus bill was passed by the House of Representatives on Saturday and is now moving to the Senate. As there are a number of measures to support unemployment within two weeks, lawmakers are focusing on getting the bill passed by the Senate and getting ready for Biden’s signing as soon as possible.

In the news of overnight, the PMI index of the February zone stood at 57.9 against 54.8 in January. Meanwhile, China’s private survey Caixin PMI came in at 50.9 in February from 51.5 in January. A reading above 50.0 indicates growth in the sector. US PMI figures are not available this morning.

Today’s most important “outside markets” are holding up the price of Nymex’s crude oil futures and trading around $ 62.25 a barrel. There is an OPEC meeting on Thursday that will closely monitor the market. The US dollar index is a little higher early today.

U.S. economic data to be released Monday includes the U.S. Manufacturing Purchases Index, the ISM Business Report on Manufacturing, Construction Expenditure and the Global Manufacturing Purchases Index.

Technically, the gold futures in April have the good short-term technical advantage amid a seven-week-old downward price on the daily chart. The Bulls’ next upward price target is to end futures contracts with solid resistance at $ 1,800.00 in April. Bears’ next short-term downward price target is to bring futures prices below $ 1,700.00. The first resistance is seen at $ 1,750.00 and then at the overnight high of $ 1,757.40. First support is seen at the overnight low of $ 1,731.60 and then at $ 1,725.00. Wyckoff’s Market Rating: 2.5

Silver futures bulls may still have the slight technical advantage in the short term, but have faded a bit recently, including a bearish weekly low last Friday. The next upward price target for Silver Bulls is closing prices above solid technical resistance at last week’s high of $ 28.47 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 at $ 27.00 and then at the current high of $ 27,175. The next support is seen at the lowest point of $ 26,655 and then at $ 26.50. Wyckoff’s Market Rating: 5.5.