Gold Up On Bullish Outside Mkts; Palladium breaks a record

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(Kitco News) – Gold and silver prices are moderately higher Tuesday at the start of trading in the United States. A weaker US dollar index and higher crude oil prices support the precious metals markets. Gold futures in April were up $ 6.80 an ounce at $ 1,308.30. The May silver medal in the Comex was up $ 0.083 to $ 15.405 an ounce.

Palladium prices hit a record high of more than $ 1,150 per ton overnight, thanks in part to Russia, the world's largest producer, which banned the export of scrap metal and precious metal residues from May to November.

The main external markets are now seeing the US dollar index weaken and reach its lowest level in three weeks. The bulls of the bank note have disappeared recently. Meanwhile, Nymex crude oil prices are slightly higher and are trading around $ 59.50 per barrel. Oil prices reached their highest level in four months.

Asian and European stocks generally rose overnight. The risk appetite in the global market remains high, as no major geopolitical issue is shaking world markets. US equity indices point to firmer opening at the start of New York's daily session.

Traders and investors focus on the US Federal Reserve's meeting with the FOMC, which begins Tuesday morning and ends Wednesday afternoon with a statement. The FOMC should not change monetary policy at this meeting. The Fed has become more dovish in recent months. As usual, the market will glean the FOMC statement and the wording of Fed Chairman Jerome Powell to find clues about the future trajectory and timing of monetary policy changes.

The unresolved issue of Brexit continues to simmer in the background of the global market. The latest development has prevented a member of Parliament from voting on a plan tabled by Premier Theresa May. It is increasingly likely that the exit of the United Kingdom from the European Union will be a long and arduous affair.

In other news overnight, the index of German economic forecasts Zew, closely watched, went from -13.4 in February to -3.4 in March. The number of March has exceeded the expectations of the trade for a reading of -10.0.

The US economic reports to be released on Tuesday include Johnson Redbook's and Goldman Sachs 'retail sales weekly reports, as well as manufacturers' shipments and inventories.

Technically, gold bulls have the overall technical advantage in the short term. Bulls next bullish target is to produce a futures contract in April, above strong resistance, at $ 1,320.00. Bears' next short-term price reduction target pushes prices under strong technical support to a low of $ 1,280.80 in March. The first resistance is observed at the top of last week from $ 1,311.60, then to $ 1,317.00. The first support is $ 1,300.00, then the low of $ 1,290.60 last week. Wyckoff's Market Rating: 6.5

May the future silver currencies benefit from the slight global technical advantage in the short term. The next bullish price target of the Silver Bulls is to close the closing prices above a strong technical resistance at 15.75 dollars an ounce. The next downside price target for the bears is the lower than solid support low of $ 14,985 in March. The first resistance is observed at the height of last week, at 15.55 dollars and 15.75 dollars. The next support is announced at the low of 15.22 dollars on Monday, then at the low of 15.135 dollars last week. Wyckoff Market Estimate: 6.0.