(Kitco News) - Gold prices were moderately higher in early-afternoon trading Monday, boosted by a drop in the U.S. dollar indexand the U.S. stock market. Gold had seen modest losses in overnight trading, based on some technical selling. April Comex goldfutures were last up $6.00 an ounce at $1,318.30.May Comex silver was last up $0.043 at $16.315 an ounce.
World stock markets were mostly lower Monday. U.S. stock indexes were pressured by a big drop in FaceBook, amid allegations the social media platform gave away unauthorized data on 50 million of its users, which may have gone to the Russians. The specter of a protectionist U.S. trade policy and a likely rise in U.S. interest rates this week were also negatives for equity markets. All of the above worked in favor of the safe-haven gold market.
There was more turmoil in the Trump administration over the weekend, amid new accusations against President Trump’s administration after an FBI official was fired. This could have added some uneasiness to the marketplace. However, turmoil in the Trump administration is not anything new.
The major economic data point of the week will be the Federal Reserve’s Open Market Committee meeting (FOMC) that begins Tuesday morning and ends Wednesday afternoon with a statement. Federal Reserve Chairman Jerome Powell also holds his first press conference after the meeting. Most expect the Fed to slightly raise U.S. interest rates at this week’s meeting.
The Bank of England holds its monetary policy meeting on Thursday.
There was no major U.S. economic data released Monday.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically, April gold futures bears have the slight overall near-term technical advantage. Prices are in a four-week-old downtrend on the daily bar chart. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at the March high of $1,342.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,300.00. First resistance is seen at last Friday’s high of $1,321.80 and then at $1,325.00. First support is seen at today’s low of $1,307.40 and then at the March low of $1,303.60. Wyckoff's Market Rating: 4.5
![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
May silver futures bears still have the overall near-term technical advantage. Prices are in a five-week-old downtrend on the daily bar chart. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at the March high of $16.895 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 $16.50 and then at last week’s high of $16.69. Next support is seen at today’s low of $16.32 and then at the March low of $16.16. Wyckoff's Market Rating: 3.0.
May N.Y. copper closed down 185 points at 308.95 cents today. Prices closed near mid-range today. The copper bulls have the slight overall near-term technical advantage, but are fading. Prices are in a four-week-old downtrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 320.00 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 311.55 cents and then at 315.00 cents. First support is seen at 304.65 cents and then at 302.00 cents. Wyckoff's Market Rating: 5.5.
