(Kitco News) - Gold and silver prices were modestly lower in early-afternoon U.S. trading Monday, on some mild profit-taking pressure from the shorter-term futures traders and on normal downside corrections amid their uptrends. A firmer U.S. dollar index and upbeat trader and investor attitudes to start the trading week also worked against the precious metals markets. However, the gold and silver bulls still have the firm overall near-term technical advantage, which means the path of least resistance for prices remains sideways to higher. April gold futures were last down $2.90 an ounce at $1,319.30. March Comex silver was last down $0.046 at $15.88 an ounce.
European and Asian stock markets were mixed in quieter dealings Monday. Chinese markets are closed this week for the Lunar New Year holiday, which could make for quieter trading in world markets this week. U.S. stock indexes are firmer in midday trading. Traders and investors are in generally upbeat moods early this week, following a strong U.S. jobs report released last Friday, and on ideas the U.S. and China are moving closer to a trade deal as the early-March deadline for an agreement approaches. U.S. and Chinese officials are set to meet again in China in mid-February, after meeting last week in Washington, D.C.
The other outside market today sees Nymex crude oil prices lower and trading around $54.50 a barrel. That’s also a bit negative for the precious metals markets today.
Technically, April gold futures bulls have the firm overall near-term technical advantage. A 2.5-month-old price uptrend is in place on the daily bar chart. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,350.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,300.00. First resistance is seen at today’s high of $1,323.60 and then at last week’s high of $1,331.10. First support is seen at today’s low of $1,312.70 and then at last week’s low of $1,302.70. Wyckoff's Market Rating: 7.0
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188)
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
March N.Y. copper closed up 255 points at 279.85 cents today. Prices closed near the session high and hit a six-week high today on short covering and bargain hunting. The copper bears still have the slight overall near-term technical advantage. However, prices have been trending higher for five weeks. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 290.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 262.00 cents. First resistance is seen at 282.50 cents and then at 285.00 cents. First support is seen at today’s low of 2.7505 cents and then at 272.50 cents. Wyckoff's Market Rating: 4.5.
