gold silver China Gold, silver gain on ideas of better future demand from China
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Global stock and commodity markets were buoyed today by upbeat reports coming out of China. China stock markets rallied Tuesday on rumors the Chinese government has a plan to phase out its"zero covid" policies by as soon as March. China stock prices did back off their highs on reports Foreign Minister Zhao Lijian said he is not aware of the matter.
Traders are looking ahead to the Federal Reserve's Open Market Committee meeting that begins Tuesday morning and ends Wednesday afternoon with a statement and a press conference from Fed Chairman Jerome Powell. Most expect the FOMC to raise the Fed funds rate by another 0.75%. Traders and investors also want to see what comments the FOMC and Powell make regarding the future path of U.S.
Technically, the gold futures bears have the solid overall near-term technical advantage. Prices are still in a longer-term downtrend on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at $1,700.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,600.00. First resistance is seen at today's high of $1,660.30 and then at $1,670.90.
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