(Kitco News) - Gold and silver prices are trading not too far from unchanged levels on the day, in early-afternoon U.S. trading Monday. A lack of fresh fundamental inputs to start the trading week is keeping trading in many markets more subdued. April gold futures were last down $0.70 an ounce at $1,302.20. May Comex silver was last up $0.011 at $15.335 an ounce.
Trader and investor focus is turning to this week’s FOMC meeting of the Federal Reserve, which begins Tuesday morning and ends Wednesday afternoon with a statement. The FOMC is not expected to change its monetary policy at this meeting. The Fed has become more dovish the past few months.
The Brexit matter continues to play out but it’s on the back burner of the world marketplace. The U.K. has no “soft Brexit” deal in place ahead of the March 29 “hard exit” (no deal) for the U.K. to leave the European Union. Look for Prime Minister Theresa May to soon propose another plan for a soft Brexit to the Parliament.
The key outside markets today see the U.S. dollar index near steady at midday. Nymex crude oil prices are firmer and trading just above $59.00 a barrel. Oil prices hit a four-month high today.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically, April gold futures prices closed near mid-range today. The 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 $1,320.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,275.00. First resistance is seen at today’s high of $1,306.70 and then at last week’s high of $1,311.60. First support is seen at today’s low of $1,298.00 and then at $1,292.50. Wyckoff's Market Rating: 6.5
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
May silver futures prices closed nearer the session high today. The silver bulls have the overall near-term technical advantage. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $15.75 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $14.75. First resistance is seen at today’s high of $15.425 and then at last week’s high of $15.55. Next support is seen at today’s low of $15.22 and then at last week’s low of $15.135. Wyckoff's Market Rating: 6.0.
May N.Y. copper closed up 35 points at 290.95 cents today. Prices closed nearer the session low today. The copper bulls have the overall near-term technical advantage. Prices are in a 10-week-old uptrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the February high of 297.75 cents. The next downside price objective for the bears is closing prices below solid technical support at 280.00 cents. First resistance is seen at today’s high of 293.25 cents and then at last week’s high of 295.70 cents. First support is seen at the March low of 2.87.45 cents and then at 285.00 cents. Wyckoff's Market Rating: 6.5.
