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Gold and silver prices are modestlydown in early-afternoon U.S. trading Thursday. The safe-haven metals are seeingsome selling pressure as the U.S. dollar and U.S. stock market have pushed tohigher levels on the day. February gold futures were last down $3.00 an ounceat $1,289.00. March Comex silver was down $0.085 at $15.65 an ounce.
Themarketplace is now watching Federal Reserve Chairman Jerome Powell’s discussionwith the Economic Club of Washington, D.C. So far as of this writing, Powellhad not made comments to move the markets. Several other Federal Reserveofficials also are on tap for speeches today. The USDX is seeing a correctivebounce today, but has been trending sideways to lower on the daily chart forthe past month. Meantime, Nymex crude oil prices are slightly weaker andtrading just above $52.00 a barrel level. Technical evidence is building theoil market will trade at least sideways in the coming weeks, if not sideways tohigher. That would be bullish for the metals markets.