The future prices of gold and silver are trading sharply up recently in midday U.S. action. The yellow metal hit a seven-week high and silver metal a 3.5-month high.
The metals stand poised to swell up by a weak U.S. dollar on the foreign exchange market that witnessed the dollar index hitting a 2.5-year low. As the U.S. stock market sold off recently, safe-haven demand was seen. Moreover, the demand was amid surging Covid-19 cases in the U.S., Europe and other parts of the world. February gold futures were last up USD 45.90 (at USD 1,940.70) whereas March Comex silver was last up USD 0.798 (at USD 27.21) an ounce.
Trader and investor desire for risk remained upbeat. In economic and human health terms, the marketplace hoped for a better second-half of 2021. The incoming Biden administration is expected to roll out more economic aid to the businesses and the public.
February gold futures prices recently hit a seven-week high, technically. The yellow metal bulls have the firm overall near-term technical advantage and gained more power recently. The subsequent upside price objective of bulls is to generate a close in December futures that would be above solid resistance at the November high of USD 1,973.30. Plus, bears’ next near-term downside price objective is pushing futures prices beneath solid technical support at USD 1,900.00. The first resistance is seen at a recent high of USD 1,948.70 and then at USD 1,973.30. First support is seen at USD 1,925.00 and then at a recent low of USD 1,906.10. Wyckoff’s Market Rating: 7.0
March white metal futures prices hit a 3.5-month high recently. Silver futures bulls have the firm overall near-term technical advantage and gained more power recently. Silver bulls’ next upside price objective is closing prices above solid technical resistance at the August 2020 high of USD 30.365 an ounce. The next downside price objective for the bears is closing prices below solid support at USD 26.00. First resistance is seen at a recent high of USD 27.76 and then at USD 28.00. Next support is seen at a recent low of USD 26.73 and then at USD 26.50. Wyckoff’s Market Rating: 7.0.