Gold, silver rally on sale, friendly outdoor markets

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(Kitco News) – Gold and silver futures prices are trading higher in the US lunch, as some of the bargains appear in the basement, the trading week will begin after both metals suffered significant losses last week. A number of card-based purchases were also offered today, as the technical stance for both metals improved slightly in the short term. Gold futures in April were last at $ 19.70 at $ 1,832.80 and March Comex silver last at $ 0.536 at $ 27,555 per ounce.

Global stock markets were mostly higher overnight, with Asian stock indices near record highs. US stock indices are higher again at noon. Traders ‘and investors’ attitudes remain a risk to start the trading week. “Slow coronavirus infections, continued deployment of vaccines and anticipation of the $ 1.9 billion bailout package offered by President Biden are keeping the bull market well and alive,” a broker emailed one morning. U.S. Treasury Secretary Janet Yellen said Sunday that the U.S. economy could see full employment by 2022 if Congress passes the proposed stimulus package.

In other news, the price of Bitcoin-US dollar is sharply higher and reached a new high above $ 42,000 on Monday. The BC bulls got an electric shock when it was just announced that Tesla had invested $ 1.5 billion in Bitcoin and that the manufacturer of electric vehicles would incorporate Bitcoin into its business. Gold and silver prices may also have been boosted by the Bitcoin boom, with the thought that Bitcoin’s growing popularity could undermine the strong status of the US dollar around the world.

The major ‘outside markets’ of today see the US dollar index slightly weaker after reaching a two-month high late last week. The greenback is still higher and many of the other major currencies are now in the short-term fall in price. Meanwhile, the prices of Nymex crude oil futures are higher, reaching a 13-month high today and trading around $ 58.00 a barrel. Brent crude oil futures pushed above the $ 60.00 level overnight. The yield on the standard ten-year US Treasury note is 1,195%, a high after the pandemic.

Technically, the gold futures contracts in April still have the slight technical advantage in the short term. Prices are in a declining trend of four weeks on the daily bar chart. The Bulls’ next upward price target is to provide solid resistance at $ 1,878.90. Bears’ next short-term downward price target pushes futures prices below solid technical support at the low of $ 1,771.30. The first resistance is seen today at $ 1,840.60 and then at $ 1,850.00. The first support is seen at the lowest point of $ 1,807.30 and then at $ 1,800.00. Wyckoff’s Market Rating: 4.5

Silver futures bulls in March still have the overall technical advantage in the short term and are working to start a rise in the daily price. The next upward price target for Silver Bulls is closing prices above solid technical resistance at the February high of $ 30.25 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 $ 27,695 and then at $ 28.00. The next support is seen at $ 27.00 and then at $ 26.50. Wyckoff’s Market Rating: 6.0.

Buyer of March closed 395 points today at 366.65 cents. The prices are closer to the session today. The copper bulls have the overall technical advantage in the short term and have gained upward momentum. The next upward price target of copper bulls is to push and close the prices of higher than technical resistance at the highest peak of January 373.40 cents. The next downward price target for the bears is to close the prices under solid technical support at 350.00 cents. The first resistance is seen at today’s high of 367.45 cents and then at 370.00 cents. The first support is seen at today’s low of 362.25 cents and then at 360.00 cents. Wyckoff’s Market Rating: 7.0.