(Kitco News) – Gold prices are modest in early US trading Tuesday. The bulls need a new basic news bullet, among the innovative players and the investor's attitudes that have pulled buyers away from the security sea metals. That bullish spark could come from some "Fed-speak" today. April gold futures were last down $ 1.80 an ounce of $ 1,327.70. May Comex silver was last down $ 0.055 to $ 15.775 per ounce.
The US economic news of the day Tuesday, the Federal Reserve mayor Jerome Powell's morning testimony to the US economy to the Senate Banking Committee. His prepared text will be published at. 9.45 EST. He speaks to the House of Representatives on Wednesday. Most market researchers believe Powell will sound a bit more miserable on monetary policy than he did a few months ago. Such will follow a new trend in Fed officials offering a more accommodating tone on US monetary policy.
Asian and European stock markets were mainly weaker overnight, on corrective setbacks from recent gains. US stock indices also point to slightly lower openings when the New York day session begins. The US indices hit three-month highs on Monday among generally busy trades and investor attitudes, and without major geopolitical fires currently burning.
In overnight news, the British pound was backed by reports by Prime Minister Theresa May to work on another Brexit agreement and may delay the March 29 EU exit date, including possibly holding a new referendum on the case to avoid a "no- deal Brexit. "
The key outside of markets today is the US dollar index somewhat lower. Nymex crude oil is a bit down and trading around $ 55.50 a barrel. Oil prices fell sharply Monday, partly on a tweet from President Trump, saying oil prices are too high and can damage the world economy.
U.S. Release release financial reports on Tuesday include the weekly Goldman Sachs and Johnson Redbook retail reports, new home construction, the S&P / Case-Shiller housing price index, consumer confidence index, and monthly and quarterly US housing price indices.
Technically, gold gold in April still has the general general long-term technical advantage. A 3.5-month-old price increase is still in place on the daily line chart. Bull's next upside goal is to produce a near future in April, over solid resistance of $ 1,350.00. Bear's next near-term price cut target is to push prices below solid technical support in February at $ 1.304.70. First resistance is seen at night high of $ 1,332.40 and then on Monday's height of $ 1,334.90. First aid is seen at $ 1,323.30 and then at $ 1,320.00. Wyckoff's Market Review: 6.5
Can silver futures bulls have the overall long-term technical advantage. A 3.5 month old show is still in place on the daily line chart. Silver silver's next upside price break target is the final price of solid technical resistance in February high of $ 16,295 per ounce. The next downturn for the price bears for the bears is the end prices under solid support at February $ 15,545. First Resistance is seen at $ 16.00 and then at Monday's $ 16.06. The next support is $ 15.75 and then $ 15,545. Wyckoff's Market Assessment: 6.5.
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