(Kitco News) - Gold and silver prices are moderately higher in midday U.S. trading Monday, on some short covering by the shorter-term futures traders and some perceived value buying buy traders in the cash market. Also, the U.S. stock indexes are trading slightly lower at midday today, which is somewhat encouraging to the safe-haven metals bulls. April gold futures were last up $8.90 at $1,728.80 and May Comex silver was last up $0.324 at $26.235 an ounce.
Global stock markets were mixed but mostly firmer overnight. Investors and traders to start the trading week are generally more focused on better global economic growth prospects and the pandemic being tamped down by rising vaccination levels, and less focused on rising government bond yields that have at times recently produced speed bumps for the stock market bulls. The benchmark 10-year U.S. Treasury note yield is presently fetching 1.613%.
U.S. Treasury Secretary Janet Yellen said Sunday the U.S. inflation risk is small and manageable. The Federal Reserve's two-day Open Market Committee (FOMC) meeting begins Tuesday morning and ends Wednesday afternoon with a statement and new U.S. economic projections. While no change in U.S. monetary policy is expected at this week's meeting, traders will be closely scrutinizing wording on the Fed's economic growth and inflation prospects.
In overnight news, China's retail sales in January and February were up 34% from the same period last year. Industrial output was up 35% in the period. The data from China's National Bureau of Statistics underscores notions the world's second-largest economy is roaring full speed ahead. That's a bullish element for the metals markets, on notions of better demand coming out of China.
The key "outside markets" today see Nymex crude oil futures prices weaker and trading around $65.00 a barrel. Meantime, the U.S. dollar index is a bit higher at midday today.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, April gold futures bears have the firm overall near-term technical advantage. However, more price gains this week would begin to suggest a market bottom is in place. Prices are still in a nine-week-old downtrend on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at $1,750.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the March low of $1,673.30. First resistance is seen at today's high of $1,733.20 and then at last week's high of $1,738.00. First support is seen at today's low of $1,719.20 and then at $1,700.00. Wyckoff's Market Rating: 3.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
May silver futures bears have the slight overall near-term technical advantage. Prices are still in a six-week-old downtrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $27.50 an ounce. The next downside price objective for the bears is closing prices below solid support at the March low of $24.845. First resistance is seen at today's high of $26.39 and then at last week's high of $26.545. Next support is seen at today's low of $25.845 and then at $25.425. Wyckoff's Market Rating: 4.5.
May N.Y. copper closed down 10 points at 413.90 cents today. Prices closed nearer the session low. The copper bulls have the firm overall near-term technical advantage. However, a 12-month-old uptrend on the daily bar chart may be stalling out. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the February high of 437.55 cents. The next downside price objective for the bears is closing prices below solid technical support at the March low of 384.90 cents. First resistance is seen at today's high of 419.00 cents and then at 422.75 cents. First support is seen at today's low of 411.05 cents and then at 406.65 cents. Wyckoff's Market Rating: 7.5.
