(Kitco News) - Gold futures prices are modestly higher in midday U.S. trading Monday. Safe-haven buying is featured amid a “risk-off” trading day in the marketplace to start the trading week. Silver prices are sharply down as that market is not seeing the safe-haven bid that gold is getting. Sharp losses in crude oil prices and a rally in the U.S. dollar index today are negatives for the metals markets, and they are also limiting the upside in gold. February gold futures were last up $2.50 at $1,834.20 and March Comex silver was last down $0.605 at $23.71 an ounce.
Global stock markets were mostly lower overnight. U.S. stock indexes are sharply down at midday. Serious near-term technical damage has been inflicted upon the U.S. stock indexes, to suggest they have at put in near-term market tops. That's a bullish element for the metals markets as is shows money is flowing out of paper assets.
The key outside markets today see crude oil prices down around $3.00 and trading around $82.00 a barrel. The U.S. dollar index is solidly higher early today. The U.S. Treasury 10-year note yield is presently fetching around 1.73%.
Geopolitics is on the front burner of the marketplace at present, which is causing some anxiety among traders and investors. Iran-backed terrorists used drones to strike the United Arab Emirates capital of Abu Dhabi. No major damage occurred as the drones were intercepted. This was the second such drone attack by the terrorists. Meantime, Russia appears poised to invade Ukraine, despite the West's efforts to dissuade Russian President Putin by threatening sanctions. The U.S. has ordered its diplomats to leave the Ukraine due to the prospect of war.
The U.S. data point of the week will be the Federal Reserve's Open Market Committee (FOMC) meeting that begins Tuesday morning and ends Wednesday afternoon with a statement and press conference from Fed Chairman Jerome Powell. It's expected the Fed will raise U.S. interest rates at its March FOMC meeting.
In other news, crypto currencies continue to get hammered. Bitcoin has now lost around half its value from the high scored in November. The crypto currency Ether has lost about a third of its value since last Thursday.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, February gold futures bulls have the firm overall near-term technical advantage. Prices are in a five-week-old uptrend on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at the November high of $1,881.90. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,800.00. First resistance is seen at today's high of $1,844.90 and then at the January high of $1,848.50. First support is seen at Friday's low of $1,828.40 and then at $1,820.00. Wyckoff's Market Rating: 7.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
March silver futures bulls still have the overall near-term technical advantage. A five-week-old uptrend is still in place on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $25.00 an ounce. The next downside price objective for the bears is closing prices below solid support at $23.00. First resistance is seen at $24.00 and the at today's high of $24.36. Next support is seen at today's low of $23.595 and then at $23.25. Wyckoff's Market Rating: 6.0.
March N.Y. copper closed down 1,300 points at 439.45 cents today. Prices closed near the session low today. The copper bulls have the overall near-term technical advantage but faded today. Prices are still in a five-week-old uptrend on the daily bar chart, but just barely. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the January high of 460.10 cents. The next downside price objective for the bears is closing prices below solid technical support at the January low of 431.35 cents. First resistance is seen at 450.00 cents and then at today's high of 453.80 cents. First support is seen at last week's low of 437.60 cents and then at 431.35. Wyckoff's Market Rating: 6.0.
