Precious metals drop as USDX strengthens and Powell awaits.

Gold and silver prices are down due to a higher US dollar index and lower crude oil prices. The market is waiting for Fed Chair Jerome Powell's semi-annual monetary policy report to Congress on Wednesday and Thursday. Powell is expected to repeat comments from his post-Fed meeting press conference, which had a hint of caution but still opened the door to higher rates down the road. The US dollar's strength can be attributed to a much-stronger-than-expected US housing market report. The silver bulls have lost their overall near-term technical advantage amid sideways and choppy trading.