(Kitco News) - Gold prices are a bit weaker and silver is trading a bit firmer in midday U.S. trading Tuesday. Price action has been choppy and two-sided this week, amid little fresh fundamental news to drive prices. Bulls are still encouraged they have worked prices up from the January lows, which suggests near-term market bottoms are in place. February gold futures were last down $3.40 at $1,851.90 and March Comex silver was up $0.056 at $25.545 an ounce.
It’s a busy week for U.S. economic data, highlighted by the Federal Reserve’s two-day Open Market Committee (FOMC) meeting that began Tuesday morning and ends Wednesday afternoon with a statement and Fed Chairman Powell’s press conference. Wednesday afternoon could provide the catalyst gold and silver traders have been looking for, to break prices out of their recent trading ranges.
Global stock markets were mixed overnight, with Asian indexes mostly down and European indexes mostly up. U.S. stock indexes are narrowly mixed at midday. It’s a busy week for corporate earnings reports.
The marketplace continues to monitor progress or lack thereof on the Biden administration’s efforts to push a $1.9 trillion financial aid package through Congress, to help Americans and businesses hurt by the pandemic. Right now, most reckon the package will get through Congress with possible modifications.
In other news, the U.S. Senate on Monday confirmed former Fed chair Janet Yellen as the new U.S. Treasury Secretary. A Wall Street Journal story just out had the headline: “Treasury and Fed Set for Close Alliance.” That suggests more easy money policies coming from the Fed and Treasury for some time to come.
The key “outside markets” today see the U.S. dollar index down. Meantime, Nymex crude oil futures prices are weaker and trading around $52.40 a barrel. The yield on the benchmark 10-year U.S. Treasury note stands at 1.04%.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, February gold futures see recent price action still suggesting a near-term market bottom is in place. The gold bulls and bears are on a level overall near-term technical playing field amid recent choppy trading. Bulls’ next upside price objective is to produce a close above solid resistance at $1,900.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the January low of $1,800.80. First resistance is seen at last week’s high of $1,874.60 and then at $1,880.00. First support is seen at this week’s low of $1,846.20 and then at last Friday’s low of $1,836.30. Wyckoff's Market Rating: 5.0.
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
March silver futures also see recent gains suggesting a near-term market bottom is in place but trading is choppy. The silver bulls have the slight overall near-term technical advantage. 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 the January low of $24.04. First resistance is seen at this week’s high of $25.835 and then at last week’s high of $26.13. Next support is seen at this week’s low of $25.205 and then at $25.00. Wyckoff's Market Rating: 5.5.
March N.Y. copper closed down 115 points at 361.80 cents today. Prices closed near mid-range 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 368.40 cents and then at the January high of 373.40 cents. First support is seen at last week’s low of 355.85 cents and then at 352.50 cents. Wyckoff's Market Rating: 7.5.
