Gold, Silver See Profit Taking; Bulls Still In Control
Gold and silver prices were modestly lower in early-afternoon U.S. trading Monday, on some mild profit-taking pressure from the shorter-term futures traders and on normal downside corrections amid their uptrends. A firmer U.S. dollar index and upbeat trader and investor attitudes to start the trading week also worked against the precious metals markets. However, the gold and silver bulls still have the firm overall near-term technical advantage, which means the path of least resistance for prices remains sideways to higher. April gold futures were last down $2.90 an ounce at $1,319.30. March Comex silver was last down $0.046 at $15.88 an ounce.
European and Asian stock markets were mixed in quieter dealings Monday. Chinese markets are closed this week for the Lunar New Year holiday, which could make for quieter trading in world markets this week. U.S. stock indexes are firmer in midday trading. Traders and investors are in generally upbeat moods early this week, following a strong U.S. jobs report released last Friday, and on ideas the U.S. and China are moving closer to a trade deal as the early-March deadline for an agreement approaches. U.S. and Chinese officials are set to meet again in China in mid-February, after meeting last week in Washington, D.C.
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