(Kitco News) - Gold and silver prices are lower in midday U.S. trading Thursday, on profit taking and downside price corrections following recent gains. However, gold has clawed back over half of its daily losses seen in early trading. The U.S. dollar has backed down from its daily high and is lower on the day now, which is supporting some buying interest in gold. Still, buying interest is being limited by an uptick in U.S. Treasury yields today. February gold was last down $7.50 at $2,763.40. March silver was down $0.645 at $30.775.

Friday comes the interest rate decision from the Bank of Japan. Markets expect the BOJ to raise rates again by as much as 25 basis points. In June 2024 the BOJ hiked by 15 basis points. Next week comes monetary policy meetings from the European Central Bank and Federal Reserve. The expectation is that the ECB will cut by 25 basis points, while the Fed will keep rates unchanged.

The key outside markets today see the U.S. dollar index modestly down at midday. Nymex crude oil futures prices are lower and trading around $74.60 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently 4.65%.

Technically, February gold futures bulls have the solid overall near-term technical advantage. Prices are trending up on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the contract high of $2,826.30. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,675.00. First resistance is seen at the overnight high of $2,766.40 and then at this week’s high of $2,774.40. First support is seen at $2,750.00 and then at today’s low of $2,741.00. Wyckoff's Market Rating: 7.0.

March silver futures bulls have the slight overall near-term technical advantage. However, a price uptrend on the daily bar chart is now in jeopardy. Silver bulls' next upside price objective is closing prices above solid technical resistance at $32.00. The next downside price objective for the bears is closing prices below solid support at $30.00. First resistance is seen at $31.00 and then at the overnight high of $31.395. Next support is seen at today’s low of $30.465 and then at $30.115. Wyckoff's Market Rating: 5.5

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