Silver and Gold futures prices were steadier Monday. The bulls have smoothed out both assets’ prices and are now waiting for the next event to transform prices away from their near-term ranges. Feb. gold futures were recently at $1,862.50 (up $6.20) and March Comex silver was at $25.68 an ounce, up by $0.124.

Global markets were even to mostly steadier. American indexes were aiming at higher starts when the session begins. This is a busy 7 days for economic data, founded by the FED’s two-day Open Market Committee meeting that starts Tuesday morning and concludes on Wednesday with Chairman Powell’s conference.

Investors will also be watching the Biden White House’s agenda for a $1.9 trillion aid package for Americans and businesses. The GOP are not liking the size of the plan.

The important “outside markets” see the dollar index up slightly. Meanwhile, Nymex crude oil futures went lower slightly and are now trading around $52.15 per barrel. The yield on the 10-year U.S. Treasury is sitting at 1.10%.

Economic data to be released includes the Texas manufacturing survey and the Fed activity index.

Technically, the gold futures investors are on an even overall playing field. Bulls’ next price target is $1,900.00. Bears’ next downside price target is the solid support at $1,800.80. Resistance was seen at the high of $1,874.60 last week. Support was the overnight low of $1,847.30 and then the low of $1,836.30 on Friday.

Bulls of silver futures have the slight advantage. Silver’s next upside price objective is ending prices higher than the solid technical resistance of $28.105 per ounce. The next lower objective for the bears is ending prices below support at the Jan. low of $24.04. Resistance was at the overnight high of $25.835 and then last week’s top of $26.13. Next support is $25.47 and $25.00.

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