Gold prices are trading modestly higher in quieter trading activity Wednesday. June Comex gold was last quoted up $3.90 an ounce at $1,109.60. Buying support for gold is coming from a weaker U.S. dollar index and a firmer Euro currency.

Wednesday is the last trading day of the month and of the quarter, which is technically significant for markets. Trading may become even quieter heading into the Easter holiday weekend. U.S. and many European markets are closed on Friday.

Spot gold trading in London was also quiet Wednesday, ahead of the long weekend. Traders in London said they are still looking to the Euro currency for direction. They added that physical demand for gold remains a bullish underlying fundamental for the market. Gains will be capped in the near term, however, by the ongoing debt problems in European Union countries, namely Greece. This week's auction of Greek government bonds saw only tepid demand.

Precious metals traders are awaiting Friday's U.S. jobs data. Friday morning's much-anticipated jobs report is expected to show gains in U.S. non-farm payrolls in the latest month. That would be the first time non-farm payrolls showed an increase in well over a year. Most traders won't get to trade the jobs data until Monday, however, as most markets are closed on Friday for the Good Friday holiday.

Technically, June Comex gold futures are still in a four-week-old near-term price downtrend on the daily bar chart. Solid chart support is located at last week's low of $1,086.10. A close below that key technical level would produce fresh near-term technical damage. For June gold, shorter-term technical resistance is seen at Monday's high of  $1,116.00 and then at $1,120.00. Buy stops likely reside just above those levels. Stronger chart resistance is located at $1,135.00. Sell stops likely reside just below shorter-term support at $1,100.00 and then at $1,090.00. Today's key near-term Fibonacci pivot level for June gold: $1,117.00.
 
Comex silver futures are firmer in early trading Wednesday, hitting a fresh two-week high overnight. May silver last traded up 18.0 cents an ounce at $17.51. The weaker dollar and firmer crude oil prices are supportive for silver. Silver bulls have regained fresh upside near-term technical momentum this week. May silver finds shorter-term technical resistance at the March high of $17.665 and then at $17.75. Buy stops likely reside just above those levels. Shorter-term technical support for May silver is located at the overnight low of $17.255 and then at $17.00. Sell stops are likely placed just below those levels. Today's key Fibonacci pivot level for May silver futures is located at $17.30.

By Jim Wyckoff, contributing to Kitco News; jim@jimwyckoff.com