Gold and Silver Prices Rise
Gold and silver prices are moderately higher in early U.S. trading on Tuesday. The market is eagerly awaiting the release of the U.S. inflation report. April gold is currently up $9.00 at $2,042.00, while March silver is up $0.188 at $22.955.
U.S. Inflation Report
The consumer price index report for January is expected to show a year-on-year increase of 2.9%, compared to a rise of 3.4% in December. This data, along with other economic indicators like the Johnson Redbook retail sales report, the NFIB small business optimism index, and real earnings, will provide insights into the health of the U.S. economy.
Asian and European stock markets had mixed to weaker performances in overnight trading. China is currently celebrating its Lunar New Year holiday, leading to closures in many markets. U.S. stock index futures are set to open lower today after reaching record highs on Monday.
Key Market Factors
The U.S. dollar index is slightly lower, while Nymex crude oil prices are higher and trading around $77.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.166%.
Technically, gold futures have a slight overall near-term advantage. The next upside price objective for gold is a close above the resistance level of $2,100.00. On the other hand, silver is currently in a nine-week downtrend and the bears have the overall near-term advantage.