(Kitco News) - Gold and silver prices are slightly higher in early U.S. dealings Tuesday. The metals are seeing mild support as the U.S. stock indexes are set to open their day sessions lower. February gold futures were last up $2.40 an ounce at $1,231.10. March Comex silver was up $0.047 at $14.39 an ounce.

European stock markets were also mostly lower overnight. Asian stock indexes were mostly firmer.

Focus this week is on the upcoming Group of 20 meetings that begin late this week in Argentina and will feature a face-to-face meeting between the U.S. and Chinese presidents on Saturday. The world’s two largest economies are locked in a heated trade war that appears to show no signs of de-escalating. President Trump made more hardline comments on the matter Monday. There is general agreement that the trade war is hurting China’s economy much more than the U.S. economy.

There is talk in the marketplace recently that the U.S. Federal Reserve may take a more dovish tone on its monetary policy due to notions the recent strong U.S. economic growth may be quickly decelerating. The Federal Open Market Committee meets to discuss monetary policy in late December. It’s widely expected the Fed will slightly raise its key Fed funds target range in December. However, a commentary in the Wall Street Journal today said Fed monetary policy will be “wide open” for 2019, which could lead to more uncertainty in the marketplace.

Nymex crude oil futures prices are slightly lower today. Prices Monday hit a 13-month low of $50.10. Crude prices are down around 20% following the recent sharp declines. A key OPEC oil cartel meeting is scheduled for next week.

The other key outside market today finds the U.S. dollar index trading slightly higher but not far below this month’s 1.5-year high.

U.S. economic data due for release Tuesday includes the weekly Goldman Sachs and Johnson Redbook retail sales reports, the S&P/Case-Shiller home price index, the quarterly house price index, and the consumer confidence index.

Technically, gold bears have the overall near-term technical advantage. Bulls’ next upside price objective is to produce a close in February futures above solid resistance at the November high of $1,252.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the November low of $1,202.40. First resistance is seen at last week’s high of $1,236.70 and then at $1,245.00. First support is seen at the overnight low of $1,225.80 and then at $1,220.00. Wyckoff's Market Rating: 3.0

March silver futures bears still have the solid overall near-term technical advantage. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at the October high of $15.055 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the November low of $13.985. First resistance is seen at Monday’s high of $14.545 and then at last week’s high of $14.66. Next support is seen at $14.20 and then at $14.00. Wyckoff's Market Rating: 2.0.