Gold & Silver Prices Firmer; Fed Chair Powell On Deck

February 26, 2018

New York (Feb 26)  Gold and silver has been, at best, a frustrating trade. Exclusive to Kitco News, expert trader, Todd "Bubba" Horwitz, chief market strategist and founder of 'Bubba Trading provides a strategy investors can use in a range-bound gold price environment. Sign up before March 10 for the Kitco News Weekly Rundown newsletter to receive Horwitz's exclusive report and trading strategy.

Gold and silver prices were ending the U.S. day session modestly higher Monday, but down from their daily highs. A rebound in the U.S. dollar index from its overnight lows as the U.S. trading session progressed helped to limit buying interest in the precious metals. Also, big rallies in the U.S. stock indexes that have now taken back all of their February losses were a negative for the safe-haven metals markets today. April Comex gold futures were last up $3.50 an ounce at $1,333.80. May Comex silver was last up $0.091 at $16.64 an ounce.

Traders are anxiously awaiting new Federal Reserve Chairman Jerome Powell’s first speech to the U.S. House of Representatives on Capitol Hill on Tuesday. He speaks to the U.S. Senate on Thursday. Market watchers will parse Powell’s words for clues on the future direction and timing of U.S. monetary policy moves.

The other key outside market on Monday saw Nymex crude oil prices higher and hitting a three-week high above $64.00 a barrel. The recent rebound in the oil market has been a bullish element for the precious metals markets, as well as the entire raw commodity sector. 

Live 24 hours gold chart [Kitco Inc.]

Technically, April gold futures prices closed near mid-range today. The gold bulls have the overall near-term technical advantage. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at the January high of $1,370.50. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the February low of $1,309.00. First resistance is seen at today’s high of $1,342.90 and then at $1,350.00.


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