Gold, Silver Prices Up On Bargain Hunting, Weaker Greenback

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(Kitco News) - Goldand silver prices are moderately higher in early morning trading action Monday.Buyers of the safe-haven metals are overlooking the recent lack of riskaversion in the marketplace and focusing instead on the bullish aspect of thelower U.S. dollar index today. Perceived bargain-buying after last week's selloff is also featured to start the new trading week. April Comex gold futureswere last up $8.80 an ounce at $1,339.20. March Comex silver was last up $0.151at $16.635 an ounce.

Worldstock markets were mostly higher overnight. U.S. stock indexes are pointed tohigher openings when the New York day session begins. The U.S. stock indexbulls have some momentum on their side and have re-established near-term priceuptrends on the daily charts. That's an underlying bearish element for theprecious metals.

Tradersare anxiously awaiting new Federal Reserve Chairman Jerome Powell's firstspeech to the U.S. House of Representatives on Capitol Hill on Tuesday. Hespeaks to the U.S. Senate on Thursday.

Theother key outside market on Monday morning sees Nymex crude oil prices slightlylower and trading above $63.00 a barrel.

U.S.economic data due for release Monday includes the Chicago Fed national activityindex, new residential sales, and the Texas manufacturing outlook survey.

Technically,Aprilgold futures bulls have the overall near-term technical advantage andregained some momentum today. Gold bulls' next upside near-term price breakoutobjective is to produce a close above solid technical resistance at the Januaryhigh of $1,370.50. Bears' next near-term downside price breakout objective ispushing prices below solid technical support at the February low of $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 last week's lowof $1,322.90. Wyckoff's Market Rating: 6.0

March silver futures bears have the slight overall near-term technical advantage.Silver bulls' next upside price breakout objective is closing prices abovesolid technical resistance at $17.00 an ounce. The next downside price breakoutobjective for the bears is closing prices below solid support at $16.00. Firstresistance is seen at today's high of $16.72 and then at $16.95. Next supportis seen at today's low of $16.44 and then at last week's low of $16.34.Wyckoff's Market Rating: 4.5.

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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