Gold, Silver Near Steady On Some Chart Consolidation
(Kitco News) - Gold and silver prices are near unchanged levels in early U.S. trading Monday. Some backing and filling on the charts is occurring following recent good gains in both markets. April Comex gold was last up $0.30 an ounce at $1,230.60. May Comex silver was last down $0.018 at $17.39 an ounce.
World stock markets were mostly weaker Monday, pressured in part by sliding crude oil prices again. The marketplace is digesting the just-completed Group of 20 finance ministers meeting in Germany. Many agree this meeting saw world trade prospects diminish somewhat amid the more nationalistic tone coming out of the U.S. Japanese markets were closed for a holiday today.
The key outside markets on Monday morning see the U.S. dollar index trading slightly lower and hit a six-week low overnight. The greenback bears have technical momentum on their side to suggest more selling pressure this week. Meantime, Nymex crude oil prices are lower today. The crude oil bears have the firm near-term technical advantage following the recent steep downdraft in prices.
U.S. economic data due for release Monday is light and includes the Chicago Fed national activity index.
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Technically, April gold futures bears still have the overall near-term technical advantage, but the bulls still have momentum on their side. Bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,250.00. Bears' next near-term downside price breakout objective is closing prices below solid technical support at $1,210.00. First resistance is seen at the overnight high of $1,235.50 and then at $1,240.00. First support is seen at $1,225.00 and then at $1,218.10. Wyckoff’s Market Rating: 4.0
May silver bears also still have the overall near-term technical advantage, but the bulls have momentum on their side. Silver bulls’ next upside price breakout objective is closing futures prices above solid technical resistance at $18.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $16.50. First resistance is seen at last week’s high of $17.585 and then at $17.82. Next support is seen at Friday’s low of $17.23 and then at $17.00. Wyckoff's Market Rating: 4.0.