Global stock markets were mixed but mostly higher overnight. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins.
In overnight news, oil prices dipped as the U.S. government said it would release 26 million barrels of its strategic petroleum reserves. A bigger draw on those reserves was made by the government last year.
The Biden administration is set to name Federal Reserve Vice Chair Lael Brainard as the top White House economic advisor. Brainard is viewed as a monetary policy dove.
The Euro zone fourth-quarter gross domestic product report showed a rise of 0.1% from the third quarter and was up 1.9%, year-on-year. Those numbers were right in line with market expectations.
The key outside markets see the U.S. dollar index lower. Nymex crude oil futures prices are lower and trading around $78.75 a barrel. The yield on the benchmark U.S. 10-year Treasury note is presently fetching 3.686%.Other U.S. economic data due for release Tuesday includes the weekly Johnson Redbook and chain store retail indexes, the NFIB small business index and real earnings. Several Federal Reserve officials also speak today, as does Treasury Secretary Yellen.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, the gold futures bulls still have the overall near-term technical advantage but have faded recently. Bulls’ next upside price objective is to produce a close in April futures above solid resistance at $1,925.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,825.00. First resistance is seen at today’s high of $1,881.60 and then at $1,900.00. First support is seen at the overnight low of $1,857.40 and then at $1,850.00. Wyckoff’s Market Rating: 6.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
The silver bulls and bears are on a level overall near-term technical playing field but the bears have momentum on their side. Silver bulls’ next upside price objective is closing March futures prices above solid technical resistance at $23.00. The next downside price objective for the bears is closing prices below solid support at $21.00. First resistance is seen at this week’s high of $22.085 and then at last week’s high of $22.635. Next support is seen at today’s low of $21.59 and then at $21.25. Wyckoff’s Market Rating: 5.0.
