(Kitco News) – Gold prices rose sharply and reached their highest level in 10 months in US trading early Tuesday afternoon. Technical purchases, geopolitical uncertainties and simplified monetary policy ideas put in place by the world's major central banks are boosting the precious metals markets. The decline in the US dollar index today, after slightly gaining overnight, also favors bulls in the metals market. There are no early signs in the graph. The charts suggest that the path of least price resistance will remain sideways up for at least the short term. Gold futures in April were up $ 21.90 an ounce at $ 1,344.90. In March, Comex 's money was up from $ 0.222 to $ 15.965 an ounce.
The Federal Reserve's FOMC report is scheduled to be released Wednesday afternoon and will be closely scrutinized by traders and investors. The Fed's recent policy shift towards more accommodating monetary conditions has been a clear upside for metals markets.
Traders and investors are not as optimistic at the beginning of the week as last week, even though there are no major market news.
The ongoing trade negotiations between the United States and China, taking place this week in Washington, will be closely followed by the global market. Ideas are divided about a final agreement reached by the deadline set in early March by the United States. Perhaps the market is leaning a little more against the final trade agreement reached between the two largest economies in the world at the beginning of March.
The British saga of Brexit continues, no agreement having been reached as the end of March approaches, the country must leave the European Union. This has European traders a little more upset at the moment.
The slowdown in Chinese economic growth is also worrying for the global market.
The other key foreign market today sees Nymex crude oil prices rise to their highest level in three months and trade at just over $ 56.00 a barrel. Prices are in a good uptrend since the December 24th low, just above $ 42.50 a barrel.
Technically, gold futures prices for April closed near the high of the session today. Bulls have a strong overall short-term technical advantage and have gained more power today to suggest even more upside potential in the short term. An upward price trend of nearly three months is in place on the daily bar chart. The Gold Bulls' next short-term bullish price target is to produce near-resistance solid resistance at $ 1,400.00. Bears' next short-term price reduction target pushes prices under strong technical support to a low of $ 1,304.70 in February. The first resistance is seen at $ 1,350.00, then at $ 1,365.00. The first support is seen at $ 1,331.10, then at $ 1,320.00. Wyckoff's Market Rating: 7.5
The futures prices for silver in March closed near the high of the session and hit a two – week high. Silver bulls have the overall short-term technical advantage and have gained strength today. Prices are in a two-month price uptrend on the daily bar chart. The next bullish price reduction target of the Silver Bulls is to close the closing prices above a strong technical resistance at the January high of $ 16.20 an ounce. The next downside price target for the bears is the lower than solid support low January low of $ 15.195. The first resistance is seen at $ 16.00 and then at $ 16.20. The next support is at today's low, at $ 15,715, then at $ 15.50. Wyckoff Market Estimate: 6.5.
In March, copper closed up 745 points to 287.30 cents today. Prices closed near the high of the session and reached a record high of 4.5 months today. Copper bulls have the overall short-term technical advantage and have gained strength today. Prices have been rising for seven weeks. The next upside price target of Copper Bulls is to push the closing prices above a strong technical resistance to 300.00 cents. The next downside target for bears is the lower closing price at strong technical support, at 270.00 cents. The first resistance is today's high at 287.80 cents and 290.00 cents. The first support is seen at 2.8500 cents then at 282.50 cents. Wyckoff Market Estimate: 6.0.
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