(Kitco News) - Gold and silver prices are moderately down in midday U.S. futures trading Tuesday. Some upbeat remarks on the U.S. economy by Federal Reserve Chairman Jerome Powell helped to sink the safe-haven metals today. And on this day the global marketplace decided to brush off the coronavirus outbreak that continues to spread, which in turn rallied global stock markets, a competing asset class for the precious metals. February gold futures were last down $9.90 an ounce at 1,569.60. March Comex silver prices were last down $0.215 at $17.57 an ounce.
Powell laid out a generally upbeat theme for the U.S. economy. He said the U.S. economy is in a good place at present and hinted the Fed will not be lowering interest rates this year. Powell did say the Fed is closely monitoring the coronavirus situation and said it is likely to slightly impact the U.S. economy.
While the coronavirus outbreak continues to spread, it is now spreading at a lower rate of growth of new cases, which has again somewhat assuaged the marketplace Tuesday. There are now over 1,000 reported dead in China and over 42,500 afflicted. On this day the marketplace reckons the spread of the illness is getting under control and that the Chinese government, working with the U.S. and other countries, will keep the outbreak from becoming a pandemic. Traders and investors have been calmed down before on this matter, only to become anxious again. Once again, traders are markets are fickle.
The key outside markets today see crude oil prices higher and trading around $50.30 a barrel. Meantime, the U.S. dollar index is slightly weaker overnight after hitting a nine-month high overnight.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, April gold futures bulls have the overall near-term technical advantage. However, they need to show more power to restart a three-month-old price uptrend 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 February high of $1,598.50. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,542.80. First resistance is seen at this week’s high of $1,580.50 and then at $1,590.00. First support is seen at today’s low of $1,565.20 and then at $1,560.00. Wyckoff's Market Rating: 6.5
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
March silver futures bears have gained the slight overall near-term technical advantage. A four-week-old price downtrend line is in place on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $18.375 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $17.00. First resistance is seen at this week’s high of $17.825 and then at $18.00. Next support is seen at last week’s low of $17.465 and then at the January low of $17.28. Wyckoff's Market Rating: 4.5.
March N.Y. copper closed up 335 points at 258.40 cents today. Prices closed near mid-range today. The copper bears have the firm overall near-term technical advantage. A bearish pennant pattern has formed on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 270.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the February low of 248.75 cents. First resistance is seen at today’s high of 260.75 cents and then at the February high of 262.25 cents. First support is seen at today’s low of 255.55 cents and then at this week’s low of 254.00 cents. Wyckoff's Market Rating: 2.5.
