(Kitco News) - Gold prices are trading near steady and silver prices are higher in midday U.S. trading Thursday. Both metals moved to their daily highs around midday after Federal Reserve Chairman Jerome Powell said in a speech and question-and-answer session that the U.S. economy should rebound strongly in the coming months, including a possible significant rise in price inflation. A lower U.S. dollar index at midday is also working in favor of the precious metals market bulls. February gold futures were last down $1.10 at $1,853.70 and March Comex silver was last up $0.293 at $25.87 an ounce.
Powell’s speech at Princeton University at midday today appears to be the feature in a marketplace that is in need of fresh market fundamentals. Several other Fed officials also were slated to speak Thursday.
Global stock markets were mixed overnight. U.S. stock indexes are modestly up at midday. The marketplace is tentative late this week following the U.S. House of Representatives impeachment of President Trump for an unprecedented second time. Trump has less than one week left in his term as president. The marketplace remains a bit edgy ahead of the inauguration of Joe Biden as the next U.S. president next Wednesday, as a massive show of U.S. national guard and other security forces are already in Washington, D.C.
Reports say that today President-Elect Biden will announce an up to $2 trillion stimulus plan for Americans hit by the pandemic. This news did limit selling interest in the global stock markets overnight and U.S. Treasury bond yields did tick up a bit.
The key “outside markets” today see the U.S. dollar index lower and not far above the recent 2.5-year low. Meantime, Nymex crude oil futures prices are higher and are trading around $53.35 a barrel. The yield on the benchmark 10-year U.S. Treasury note stands at 1.1%.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, February gold futures bulls and bears are on a level overall near-term technical playing field. However, a bearish pennant or flag pattern may be forming on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the January high of $1,962.50. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,800.00. First resistance is seen at this week’s high of $1,864.00 and then at $1,875.00. First support is seen at today’s low of $1,826.60 and then at this week’s low of $1,817.10. Wyckoff's Market Rating: 5.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
March silver futures bulls have regained the slight overall near-term technical advantage. However, a bearish pennant pattern has formed on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at the January high of $29.105 an ounce. The next downside price objective for the bears is closing prices below solid support at $24.00. First resistance is seen at $26.25 and then at $26.500. Next support is seen at today’s low of $25.095 and then at $25.00. Wyckoff's Market Rating: 5.5.
March N.Y. copper closed up 500 points at 366.65 cents today. Prices closed near the session high today. The copper bulls have the solid overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 375.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 345.00 cents. First resistance is seen at this week’s high of 369.25 cents and then at the January high of 373.40 cents. First support is seen at today’s low of 360.15 cents and then at this week’s low of 355.25 cents. Wyckoff's Market Rating: 8.0.
