Gold, Silver Lackluster As Investors Shun Safe-Havens
(Kitco News) - Gold and silver prices were ending the U.S. day session modestly weaker Monday. Keener risk appetite in the world marketplace at present is keeping the buyers of the safe-metals squelched. A weaker U.S. dollar index today did allow gold and silver to move off of their daily lows that were scored in early dealings. April Comex gold futures were last down $3.90 an ounce at $1,320.20. May Comex silver was last down $0.083 at $16.525 an ounce.
World stock markets were mostly higher today, following the lead of the U.S. stock market on Friday, which rallied in the wake of an upbeat U.S. employment report that showed healthy jobs gains amid inflation that is not deemed problematic. U.S. stock indexes were mixed in afternoon trading, with the Nasdaq 100 index scoring a new record high. The indexes have made very impressive recoveries from their January and February losses.
The marketplace Monday was still digesting last weekâ€™s U.S. implementation of trade tariffs on steel and aluminum. The European Union wants to talk to the U.S. on the matter, while China warned it will retaliate for the U.S. tariffs. This situation could flare up further, which could seriously dent world stock market bullishness. Gold and silver traders will be watching this situation very closely in the coming weeks.
Technically, April gold futures prices closed near mid-range today. The gold bulls and bears are on a level overall near-term technical playing field amid recent choppy trading. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,350.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,300.00. First resistance is seen at todayâ€™s high of $1,325.00 and then at $1,330.00. First support is seen at last weekâ€™s low of $1,313.20 and then at $1,309.00. Wyckoff's Market Rating: 5.0
May silver futures prices closed near mid-range today. The silver bears have the overall near-term technical advantage. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at the February high of $17.04 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $16.00. First resistance is seen at $16.75 and then at the March high of $16.895. Next support is seen at last weekâ€™s low of $16.33 and then at the March low of $16.16. Wyckoff's Market Rating: 3.5.
May N.Y. copper closed down 150 points at 312.10 cents today. Prices closed nearer the session low today. The copper bulls still have the slight overall near-term technical advantage, but have faded and need to show fresh power soon to keep it. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 325.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the February low of 304.65 cents. First resistance is seen at todayâ€™s high of 315.55 cents and then at 318.00 cents. First support is seen at 310.00 cents and then at 307.50 cents. Wyckoff's Market Rating: 5.5.