Gold, silver up but well down from daily highs; U.S. CPI awaited


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(Kitco News) – Gold and silver prices are posting moderate gains in midday U.S. action Monday, but prices have backed well down from their early-session highs on some profit taking by the shorter-term futures traders, and amid rising bond yields and a sell off in the crude oil market. Gold prices hit a four-week high early on today. Still, the metals are seeing some safe-haven demand on worries about inflation becoming even more problematic in the coming months. June gold futures were last up $6.80 at $1,952.30 and May Comex silver was last up $0.267 at $25.09 an ounce.

Global stocks markets were mixed overnight. The U.S. stock indexes are lower at midday. The Russia-Ukraine war is in its seventh week amid no signs of any ceasefire. The Covid pandemic continues to surge in China, which has once again clouded the growth outlook for the world’s second-largest economy. Inflation worries are also near the front burner of the marketplace. The U.S. data point of the week comes Tuesday with the consumer price index report for March, which is expected to come in hot at up 8.4%, year-on-year. It’s a short trading week as U.S. and other world markets are closed for Friday for the Good Friday holiday.



Nymex crude oil futures prices are solidly lower today and trading around $94.50 a barrel. The U.S. dollar index is higher today. The yield on the 10-year U.S. Treasury note is presently fetching 2.771% and hit a three-year high.

There was no major U.S. economic data released Monday.

Live 24 hours gold chart [Kitco Inc.]

Technically, April gold futures prices hit a four-week high early on today. Bulls have the overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $2,000.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at the March low of $1,893.20. First resistance is seen at today’s high of $1,974.60 and then at $2,000.00. First support is seen at today’s low of $1,942.90 and then at Friday’s low of $1,930.40. Wyckoff’s Market Rating: 6.5

Live 24 hours silver chart [ Kitco Inc. ]

May silver futures bulls have the overall near-term technical advantage. A four-week-old downtrend line on the daily bar chart has been negated. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $26.16 an ounce. The next downside price objective for the bears is closing prices below solid support at the March low of $24.045. First resistance is seen at today’s high of $25.60 and then at $25.80. Next support is seen at today’s low of $24.795 and then at $24.50. Wyckoff’s Market Rating: 6.0.

May N.Y. copper closed down 895 points at 463.50 cents today. Prices closed near the session low today. The copper bulls still have the slight overall near-term technical advantage. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at the April high of 486.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the March low of 446.85 cents. First resistance is seen at 470.00 cents and then at Friday’s high of 476.55 cents. First support is seen at 460.00 cents and then at 455.00 cents. Wyckoff’s Market Rating: 5.5.



Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.



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Divyansh Singh

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