[ad_1]
(Kitco News) Â – Gold and silver prices are lower on Tuesday in the early afternoon. Metals are under pressure from a stronger US dollar and lower crude oil prices. February gold futures were down $ 9.80 per ounce to $ 1,218.90. The Comex March money lost $ 0.153, to $ 14.19 an ounce.
Gold and silver posted modest gains before the opening of US futures markets. However, both metals began to fade when the US dollar index reached its daily highest level. The serious US-China trade war is bearish for the metals markets, with China being a major importer of metals. This week's meeting between US President Trump and Chinese President Jinping Xi in Argentina is unlikely to result in a very positive commercial outcome. Trump made more uncompromising comments on the issue on Monday. It is generally accepted that the trade war harms the Chinese economy much more than the US economy. The trade war between the United States and China has also contributed to the appreciation of the US dollar.
Nymex crude oil futures prices are lower today. Prices reached their lowest level in 13 months at $ 50.10 on Monday. Crude prices are down about 30% as a result of recent declines. A key meeting between the oil cartel and OPEC is scheduled for next week.
Recently, there has been talk in the market that the US Federal Reserve may adopt a more accommodative tone in its monetary policy because of the idea that strong US economic growth could slow down quickly. The Federal Open Market Committee meets to discuss monetary policy at the end of December. The Fed is widely expected to increase slightly its target range of federal funds in December. However, a commentary in the Wall Street Journal today said that the Fed's monetary policy would be "largely open" for 2019, which could create more uncertainty in the market.
![Live 24 hours on the gold card [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically, gold bears have the overall short-term technical advantage and have grown today. The next target for stimulating short-term gold Bulls upside is to produce a futures market in February, above a strong technical resistance to October's high of $ 1,252.00 . Bears' next short-term price reduction target pushes prices down to solid technical support at $ 1,200.00. The first resistance is observed at $ 1,225.00, then at today's high of $ 1,231.70. The first support is at today's low, at $ 1,217.80, then at $ 1,211.00. Wyckoff's Market Rating: 3.0
![Live 24 hours on the money card [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
Silver bears have a strong short-term overall technical advantage. The Silver Bulls' next bullish price target is to close the March futures prices above a strong technical strength at the October high of $ 15.055 an ounce. The next downside price target for the bears is the lower than solid support closing price of $ 13.75. The first resistance is 14.405 dollars, then 14.66 dollars, the highest of last week. The next support is seen at $ 14.00, then at the November low of $ 13.985. Wyckoff Market Estimate: 1.5.
In March, copper closed down 420 points to 273.10 cents today. Prices closed near the lows of the session and reached their lowest level in two weeks today. The copper bears have the overall technical advantage in the short term. The Copper Bulls' next bullish price target is pushing and closing prices surpass the strong technical resistance at the November high of 284.80 cents. The next downside target for bears is the lower closing price of strong technical support at the bottom of November at 266.20 cents. The first resistance is observed at today's highs, at 276.95 cents, then at 280.00 cents. The first support is 272.50 cents, then 270.00 cents. Wyckoff Market Estimate: 3.0.
Warning: The opinions expressed in this article are those of the author and may not reflect those of the author. Kitco Metals Inc. The author has endeavored to ensure the accuracy of the information provided. However, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. This is not a solicitation to exchange merchandise, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no liability for losses and / or damages resulting from the use of this publication.
[ad_2]Source link
