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"U.S. economic data due for release Wednesday is light and includes the weekly MBA mortgage applications survey and the weekly DOE energy stocks report.
The London A.M. gold fixing is $1,663.50 versus the previous London P.M. fixing of $1,656.00.
Technically, February gold futures still see a three-month-old downtrend in place on the daily bar chart. Near-term chart damage has been inflicted just recently. However, recent priced action hints that the bears have become exhausted on the downside. But gold bears have the overall near-term technical advantage and the bulls still have heavy lifting to do to suggest a near-term price uptrend can be sustained. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at last week’s high of $1,695.40. Bears' next near-term downside breakout price objective is closing prices below solid technical support at last week’s low of $1,626.00. First resistance is seen at the overnight high of $1,666.00 and then at $1,675.00. First support is seen at the overnight low of $1,657.50 and then at $1,650.00.
March silver bears have the overall near-term technical advantage. However, price action recently suggests the bears have run out of gas on the downside. A six-week-old downtrend on the daily bar chart remains in place for silver. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at last week’s high of $31.535 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of $29.24. First resistance is seen at this week’s high of $30.59 and then at $30.79. Next support is seen at $30.25 and then at $30.00."