(Kitco News) - Gold prices ended the U.S. day session slightly down Tuesday, on a normal corrective, profit-taking pullback after prices Monday scored a 3.5-mongh high. Gold and silver bulls are still in firm overall near-term technical control amid price uptrends on the charts. April Comex gold was last down $2.20 an ounce at $1,256.50. May Comex silver was last up $0.028 at $18.445 an ounce.
The world marketplace is awaiting Tuesday evening’s speech by U.S. President Donald Trump to the U.S. Congress. He will provide U.S. lawmakers with his plans for growing the U.S. economy, as well as other domestic and foreign matters. There is just a bit of uncertainty surrounding Trump’s speech, as the U.S. president is known for being a “loose cannon.”
Some analysts believe an upbeat speech by Trump will be bearish for the safe-haven gold market.
U.S. Federal Reserve officials, including Chair Janet Yellen, are also speaking this week. Their comments will be closely scrutinized following last week’s FOMC minutes that were deemed by many market watchers as a bit dovish on U.S. monetary policy.
The key “outside markets” on Tuesday saw the U.S. dollar index trade weaker . Trading in the USDX has turned choppy and sideways recently. Meantime, Nymex crude oil futures prices were lower today. Oil prices are still in a sideways and choppy trading range that has bound that market for several weeks.
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![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically, April gold futures prices closed nearer the session high today. The gold bulls have the firm overall near-term technical advantage. Prices are in a nine-week-old uptrend on the daily bar chart. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,275.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,225.00. First resistance is seen at this week’s high of $1,264.90 and then at $1,270.00. First support is seen at $1,250.00 and then at $1,246.60. Wyckoff's Market Rating: 6.5
![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
May silver futures prices closed nearer the session high and closed at a 3.5-month high close today. Prices also closed at a technically bullish monthly high close today. The silver market bulls have the firm overall near-term technical advantage. Prices are in a nine-week-old uptrend on the daily bar chart. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $19.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $17.50. First resistance is seen at this week’s high of $18.54 and then at $18.75. Next support is seen at last low of $18.21 and then at $18.00. Wyckoff's Market Rating: 6.5.
May N.Y. copper closed up 165 points at 271.45 cents today. Prices closed nearer the session high. The copper bulls have the overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the February high of 283.60 cents. The next downside price objective for the bears is closing prices below solid technical support at 250.00 cents. First resistance is seen at today’s high of 272.30 cents and then at 275.00 cents. First support is seen at today’s low of 267.80 cents and then at last week’s low of 265.25. Wyckoff's Market Rating: 6.5.
