Gold and silver prices are modestly down in early U.S. futures trading Wednesday. So far this week the global marketplace is upbeat, as traders and investors at present are reckoning the worst of the coronavirus outbreak has passed. February gold futures were last down $1.80 an ounce at 1,569.20. March Comex silver prices were last down $0.062 at $17.53 an ounce.
U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the weekly DOE liquid energy stocks report, and the monthly Treasury budget statement. Federal Reserve Chairman Jerome Powell will testify to the Senate today after speaking to the House Tuesday.
Technically, the gold bulls have the overall near-term technical advantage and have stabilized the market. Bulls are working on restarting a nearly three-month-old price uptrend on the daily chart, but need to show more power. Bulls’ next upside price objective is to produce a close in April futures above solid resistance at $1,600.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,550.00