gold silver Gold, silver rebound from Monday's solid losses
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U.S. stock indexes are pointed lower at midday after a stronger-than-expected U.S. manufacturing report on Monday reinforced notions the Federal Reserve will have to keep its monetary policy tighter for longer. That report is also still limiting buying interest in the precious metals markets today. The ISM report also fell into the camp of those market watchers who think the U.S. may be able to avoid an economic recession.
Technically, February gold futures prices hit a 3.5-month high Monday. The gold futures bulls have the overall near-term technical advantage. Prices are in a four-week-old uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at this week’s high of $1,822.90. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,733.50. First resistance is seen at $1,800.
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