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(Kitco News) – Gold and silver prices are weaker in midday US trading Tuesday, after gold scored a nine-month high overnight. Normal downside price corrections, in existing uptrends, were featured in the two metals markets. Profit taking from the shorter-term futures traders was also seen. The gold and silver bulls still have the solid technical advantage. February gold was last down $12.10 at $1,909.60 and March silver was down $0.292 at $24.08.
US stock indexes are weaker at midday on some disappointing corporate earnings reports.
In overnight/weekend news, China got more downbeat economic data, as Covid continues to punish the world’s second-largest economy. China’s economic growth slowed to 3% in 2022 from 8.1% in 2021, official data said Tuesday. Except for the pandemic year of 2020, that’s the worst annual economic growth rate for China since 1976. The dour China news has traders and investors more risk averse to start this holiday-shortened US trading week.
The key outside markets today see the US dollar index higher. Nymex crude oil futures prices are slightly higher and trading around $80.30 a barrel. Meanwhile, the yield on the benchmark US 10-year Treasury note is currently fetching around 3.518%.
Technically, February gold futures prices hit a nine-month high early on today. Bulls have the solid overall near-term technical advantage. A 2.5-month-old uptrend is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $1,950.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,870.00. First resistance is seen at today’s high of $1,931.80 and then at $1,950.00. First support is seen at today’s low of $1,906.80 and then at $1,900.00. Wyckoff’s Market Rating: 8.0
March silver futures bulls have the firm overall near-term technical advantage. However, a four-month-old uptrend on the daily bar chart has turned into sideways trading. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $25.00. The next downside price objective for the bears is closing prices below solid support at $22.50. First resistance is seen at today’s high of $24.67 and then at the January high of $24.775. Next support is seen at $24.00 and then at $23.50. Wyckoff’s Market Rating: 7.0.
March NY copper closed up 65 points at 422.25 cents today. Prices closed near the session high today, hit a 6.5-month high and scored a bullish “outside day” up on the daily bar chart. The copper bulls have the solid overall near-term technical advantage. A three-month-old uptrend is in place on the daily bar chart. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at 450.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 400.00 cents. First resistance is seen at today’s high of 423.70 cents and then at 425.00 cents. First support is seen at 415.00 cents and then at today’s low of 411.05 cents. Wyckoff’s Market Rating: 8.0.
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