(Kitco News) – Gold and silver prices are modest in early US trading Friday, partly backed by a weaker dollar index. But buying interest in the precious metals is still being pulled by the generally positive marketplace since the beginning of the year. February gold futures were up $ 2.80 an ounce of $ 1,282.60. March Comex silver was up $ 0.065 to $ 15,365 an ounce.
European and Asian stock markets were mostly firmer overnight. US stock indices point to higher openings when the New York day session begins. There are several new items on the market today that can give some more volatility during US trading hours.
So far, the market is contrary to the news that another close friend and aide of President Donald Trump was arrested in Florida, in connection with the Russian election survey.
In other transition news, a Dow Jones Newswire report said the Federal Reserve is likely to finish cooling down the huge US securities portfolio faster than expected. It is in fact another sign that the Fed supports in tightening its monetary policy, and further suggests that the Fed will not raise US interest rates this year.
There was more downbeat economic news coming out of the EU today. The European Central Bank's survey of professional forecasters has seen them lower economic growth in the euro area to 1[ads1].5% this year and in 2020. The latest forecast from the group saw growth in 2019 of 1.8% and in 2020 of 1.6%. However, the German Ifo business index went down to a three-year low in January. This news comes as the euro currency went down to 1.5 years against the US dollar on Thursday.
Foreign markets see today's US dollar index trading lower on a corrective withdrawal from good gains Thursday which pushed prices to a three-week high. Meanwhile, Nymex's crude oil prices are slightly higher and are just over $ 53.00 a barrel.
There were several important US financial reports for Friday Friday, but the ongoing government interruption has canceled them. Traders continue to handle the lack of fresh US financial data to help them drive the markets.
Technically, the golden bulls have the overall long-term technical advantage, but have recently faded. The prices are still in a two-month-old show on the daily line chart but only barely. Bull's next upside goal is to produce a near future in solid resistance futures at $ 1,300.00. Bear's next close-up price target is to push prices under solid technical support at $ 1,260.00. First resistance is seen at this week's height of $ 1,286.00 and then at $ 1,292.20. First aid is seen this week's low of $ 1,275.30 and then at $ 1,270.00. Wyckoff's Market Review: 6.0
Mars silver futures fabrics fade. Silver silver's next upside price breakdown target is the final price of solid technical resistance in January high of $ 15,955 per ounce. The next down to the price level for the bear is the final price under solid support of $ 15.00. First Resistance is seen at this week's $ 15,445 and then $ 15.60. Next support is seen this week's low of $ 15,195 and then at $ 15,00. Wyckoff's market assessment: 5.5.
Disclaimer: The views expressed in this article are the author's and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; However, Kitco Metals Inc. or the author cannot guarantee such accuracy either. This article is for informational purposes only. It is not a call to make exchanges in goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept liability for any loss or damage arising from the use of this publication.