Gold, Silver Firmer; Fed Chair Powell On Deck

(Kitco News) - Gold and silver prices were ending the U.S. day session modestly higher Monday, but down from their daily highs. A rebound in the U.S. dollar index from its overnight lows as the U.S. trading session progressed helped to limit buying interest in the precious metals. Also, big rallies in the U.S. stock indexes that have now taken back all of their February losses were a negative for the safe-haven metals markets today. April Comex gold futures were last up $3.50 an ounce at $1,333.80. May Comex silver was last up $0.091 at $16.64 an ounce.

Traders are anxiously awaiting new Federal Reserve Chairman Jerome Powell’s first speech to the U.S. House of Representatives on Capitol Hill on Tuesday. He speaks to the U.S. Senate on Thursday. Market watchers will parse Powell’s words for clues on the future direction and timing of U.S. monetary policy moves.

The other key outside market on Monday saw Nymex crude oil prices higher and hitting a three-week high above $64.00 a barrel. The recent rebound in the oil market has been a bullish element for the precious metals markets, as well as the entire raw commodity sector. 

Technically, April gold futures prices closed near mid-range today. The gold bulls have the overall near-term technical advantage. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at the January high of $1,370.50. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the February low of $1,309.00. First resistance is seen at today’s high of $1,342.90 and then at $1,350.00. First support is seen at today’s low of $1,328.00 and then at last week’s low of $1,322.90. Wyckoff's Market Rating: 6.0

May silver futures prices closed near mid-range. The silver bears have the slight overall near-term technical advantage. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at the February high of $17.04 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $16.00. First resistance is seen at today’s high of $16.785 and then at $17.00. Next support is seen at today’s low of $16.50 and then at last week’s low of $16.415. Wyckoff's Market Rating: 4.5.

May N.Y. copper closed down 95 points at 322.35 cents today. Prices closed nearer the session low. The copper bulls have the firm overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the December high of 333.35 cents. The next downside price objective for the bears is closing prices below solid technical support at the February low of 304.65 cents. First resistance is seen at today’s high of 325.65 cents and then at last week’s high of 329.05 cents. First support is seen 320.00 cents and then at last week’s low of 317.50 cents. Wyckoff's Market Rating: 7.0.