Gold, Silver Gain Amid Lower U.S. Dollar Index
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(Kitco News) - Gold andsilver pricesare solidly higher in early U.S. trading Tuesday. A sell-off in the U.S. dollar index on this day is prompting renewed buying interest in the precious metalsmarkets. A feature in the gold and silver futures markets early today is alsoshort covering, or the buying back of previously sold (short) positions, by theshorter-term traders. An uptick in investor risk appetite today is so far notnegatively impacting the safe-haven gold and silver markets. April Comex gold futures were last up $10.40 an ounce at $1,330.30. May Comex silver was last up$0.233 at $16.64 an ounce.
Worldstock markets were mostly higher overnight, partly on some hopes that the U.S.plans for import tariffs on steel and aluminum will be rolled back, or at leastscaled way down. Several U.S. lawmakers, including the Speaker of the House,have spoken out against President Trump's protectionist initiative thatsurprised the marketplace.
Alsoboosting investor risk appetite today is news overnight that North Korea hasreportedly made an overture to South Korea regarding its possibledenuclearization. Details are sketchy at this time, but the news is a positivefor the world marketplace.
U.S.stock indexes are pointed toward firmer openings when the New York day sessionbegins.
Theother key outside market on Tuesday morning sees Nymex crude oil prices higherand trading just below $63.00 a barrel.
U.S.economic data due for release Tuesday includes the weekly Goldman Sachs andJohnson Redbook retail sales reports, manufacturers' shipments and inventories,and the IBD/TIPP economic optimism index.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically,Aprilgold futures bulls and bears are on a level overall near-term technicalplaying field. But a fledgling downtrend line is still in place on the dailybar chart. Gold bulls' next upside near-term price breakout objective is toproduce a close above solid technical resistance at last week's high of $1,342.90.Bears' next near-term downside price breakout objective is pushing prices belowsolid technical support at $1,300.00. First resistance is seen at today's highof $1,331.60 and then at $1,335.00. First support is seen at today's low of $1,320.80and then at $1,309.00. Wyckoff's Market Rating: 5.0
![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
Maysilver futures bears have the overall near-term technical advantage. Silverbulls' next upside price breakout objective is closing prices above solidtechnical resistance at the February high of $17.04 an ounce. The next downsideprice breakout objective for the bears is closing prices below solid support at$16.00. First resistance is seen at today's high of $16.68 and then at lastweek's high of $16.785. Next support is seen at $16.50 and then at this week'slow of $16.37. Wyckoff's Market Rating: 4.0.
By Jim WyckoffFor Kitco News
Follow @jimwyckoff
jwyckoff@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.