(Kitco News) - Gold and silver prices are steady to slightly lower in early-afternoon U.S. trading Thursday, but did eliminate overnight losses after some downbeat U.S. economic data that was just just after the futures markets opened. Both metals did hit two-week lows in overnight trading. A strong U.S. dollar this week is keeping the precious metals market bulls at bay. April gold futures were last down $0.80 an ounce at $1,314.20. March Comex silver was last down $0.102 at $15.55 an ounce.
In a surprisingly downbeat report, U.S. retail sales for December were down 1.2% from November, which was weaker than the expected rise of 0.1%. The reading was the steepest monthly decline in 10 years. Meantime, the U.S. producer price index report for January showed a fall of 0.1%. A rise of 0.1% was expected. This continues a string of non-problematic inflation data coming from the major world economies. And weekly jobless claims rose by 4,000. All of today’s U.S. data played into the hands of the U.S. monetary policy doves, who want to see the Fed hold off on raising interest rates, and maybe even lower them a bit in 2019. The data was supportive for the precious metals markets and did knock the U.S. dollar off its daily highs.
Still, trader and investor risk appetite in the marketplace this week remains generally upbeat. U.S. stock indexes were holding slight gains at midday and were near this week’s 2.5-month highs. That’s bearish for the safe-haven metals.
The U.S.-China high-level trade talks taking place in Beijing remain on the front burner. U.S. Treasury Secretary Mnuchin and U.S. Trade Representative Lighthizer are scheduled to participate in the discussions today and Friday. China President Xi Jinping may meet with the U.S. delegation on Friday, as a show of good will. President Trump on Wednesday said the talks are going “very well.” The rally in world stock markets just recently is due in part to optimism the U.S. and China will reach at least a limited deal by the March 1 deadline imposed by the U.S.
The marketplace has also been assuaged this week by the high likelihood that Trump will sign a U.S. budget compromise between the Democrats and Republicans, despite the agreement not having as much money appropriated for a border wall with Mexico.
The other key outside market today sees Nymex crude oil prices firmer and trading around $54.25 a barrel. The oil market has been trading sideways for two weeks, as stiff chart resistance at and just above $55.00 has stalled an uptrend.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically, April gold futures prices closed nearer the session high and did hit a two-week low today. The bulls have the overall near-term technical advantage amid some recent profit taking. 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 the January high of $1,331.10. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,300.00. First resistance is seen at this week’s high of $1,321.70 and then at last week’s high of $1,323.60. First support is seen at today’s low of $1,304.70 and then at $1,300.00. Wyckoff's Market Rating: 6.5
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
March silver futures prices closed near mid-range and hit another two-week low today. The silver bulls have the overall near-term technical advantage amid a two-month-old price uptrend on the daily bar chart. However, the bulls need to show fresh power soon to keep the uptrend alive. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at the January high of $16.20 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the January low of $15.195. First resistance is seen at today’s high of $15.65 and then at this week’s high of $15.83. Next support is seen at today’s low of $15.445 and then at $15.30. Wyckoff's Market Rating: 6.0.
March N.Y. copper closed up 50 points at 277.80 cents today. Prices closed near mid-range. The copper bulls have the slight overall near-term technical advantage. Prices have been trending higher for six 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 265.00 cents. First resistance is seen at today’s high of 280.20 cents and then this week’s high of 281.30 cents. First support is seen at today’s low of 2.7535 cents and then at 272.50 cents. Wyckoff's Market Rating: 5.5.
