Gold, Silver Firmer; Fed Chair Powell On Deck

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(Kitco News) - Goldand silver prices were ending the U.S. day session modestly higher Monday, butdown from their daily highs. A rebound in the U.S. dollar index from itsovernight lows as the U.S. trading session progressed helped to limit buyinginterest in the precious metals. Also, big rallies in the U.S. stock indexesthat have now taken back all of their February losses were a negative for thesafe-haven metals markets today. April Comex gold futures were last up $3.50 anounce at $1,333.80. May Comex silver was last up $0.091 at $16.64 an ounce.

Tradersare anxiously awaiting new Federal Reserve Chairman Jerome Powell's first speechto the U.S. House of Representatives on Capitol Hill on Tuesday. He speaks tothe U.S. Senate on Thursday. Market watchers will parse Powell's words forclues on the future direction and timing of U.S. monetary policy moves.

Theother key outside market on Monday saw Nymex crude oil prices higher andhitting a three-week high above $64.00 a barrel. The recent rebound in the oilmarket has been a bullish element for the precious metals markets, as well asthe entire raw commodity sector.

Technically,April gold futures prices closed near mid-range today. The gold bulls have theoverall near-term technical advantage. Gold bulls' next upside near-term pricebreakout objective is to produce a close above solid technical resistance atthe January high of $1,370.50. Bears' next near-term downside price breakoutobjective is pushing prices below solid technical support at the February lowof $1,309.00. First resistance is seen at today's high of $1,342.90 and then at$1,350.00. First support is seen at today's low of $1,328.00 and then at lastweek's low of $1,322.90. Wyckoff's Market Rating: 6.0

Maysilver futures prices closed near mid-range. The silver bears have the slightoverall near-term technical advantage. Silver bulls' next upside price breakoutobjective is closing prices above solid technical resistance at the Februaryhigh of $17.04 an ounce. The next downside price breakout objective for thebears is closing prices below solid support at $16.00. First resistance is seenat today's high of $16.785 and then at $17.00. Next support is seen at today'slow of $16.50 and then at last week's low of $16.415. Wyckoff's Market Rating:4.5.

MayN.Y. copper closed down 95 points at 322.35 cents today. Prices closed nearerthe session low. The copper bulls have the firm overall near-term technicaladvantage. Copper bulls' next upside price objective is pushing and closingprices above solid technical resistance at the December high of 333.35 cents.The next downside price objective for the bears is closing prices below solidtechnical support at the February low of 304.65 cents. First resistance is seenat today's high of 325.65 cents and then at last week's high of 329.05 cents.First support is seen 320.00 cents and then at last week's low of 317.50 cents.Wyckoff's Market Rating: 7.0.

By Jim Wyckoff

For Kitco News

Follow @jimwyckoffjwyckoff@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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