Gold and silver prices are firmer in midday U.S. trading Wednesday as the bulls have stabilized the two precious metals following Tuesday’s solid losses. April gold was last up $11.40 at $2,930.20. March silver prices were last up $0.449 at $32.275.
The key outside markets today see the U.S. dollar index slightly up. Nymex crude oil futures prices are weaker and hit a two-month low, presently trading around $68.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently around 4.3%.
The U.S. economic data pace picks up significantly on Thursday and Friday, including key inflation numbers on Friday, in the form of personal consumption expenditures (PCE) price indexes.
Technically, April gold futures bulls have the solid overall near-term technical advantage. Prices are trending up on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $3,000.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $2,850.00. First resistance is seen at today’s high of $2,942.00 and then at the contract/record high of $2,974.00. First support is seen at $2,900.00 and then at this week’s low of $2,897.00. Wyckoff’s Market Rating: 8.5.
March silver futures bulls have slight the overall near-term technical advantage but a price uptrend on the daily bar chart has been negated. Silver bulls’ next upside price objective is closing prices above solid technical resistance at the February high of $34.24. The next downside price objective for the bears is closing prices below solid support at $31.00. First resistance is seen at $33.00 and then at $33.33. Next support is seen at $32.00 and then at this week’s low of $31.895. Wyckoff’s Market Rating: 5.5.
Source: Kitco
