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Gold Prices End Down Amid Bearish Outside Markets

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(Kitco News) - Gold prices were ending the U.S. day session moderately lower Thursday. A solidly higher U.S. dollar index and weaker crude oil prices on this day were bearish “outside market” forces that limited buying in the precious metals. Also, a presently stable geopolitical environment is keeping buyers of safe-haven gold very timid. April Comex gold futures were last down $6.50 an ounce at $1,321.20. May Comex silver was last down $0.009 at $16.485 an ounce.

The main event of the trading day Thursday was the European Central Bank’s regular monetary policy meeting. No change in interest rates or monetary policy was announced at the meeting’s conclusion. No changes were expected. However, the wording of the ECB statement left out the reference that it would increase its quantitative easing if needed, which some deemed as a bit hawkish. 

The Bank of Japan holds its monetary policy meeting on Friday.

The metals markets and the stock and financial markets in general paid little attention to news reports the Trump Administration as early as this afternoon will put into effect tariffs on steel and aluminum imports into the U.S. It is the sense of the marketplace that the actual tariffs will be watered down and only specific to certain countries. That somewhat assuaged the marketplace.

On Friday is the major U.S. economic report of the week, if not the month: the Labor Department’s employment situation report. The key “non-farm” payrolls number for February is expected to come in at up 205,000.

Live 24 hours gold chart [Kitco Inc.]

Technically, April gold futures prices closed nearer the session low again today. The gold bulls and bears are back on a level overall near-term technical playing field. 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 today’s high of $1,329.80 and then at $1,335.00. First support is seen at this week’s low of $1,318.30 and then at $1,309.00. Wyckoff's Market Rating: 5.0

Live 24 hours silver chart [ Kitco Inc. ]

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 $16.60 and then at $16.75. Next support is seen at this week’s low of $16.37 and then at the March low of $16.16. Wyckoff's Market Rating: 3.5.

May N.Y. copper closed down 565 points at 307.95 cents today. Prices closed nearer the session low today. The copper bulls still have the slight overall near-term technical advantage, but are fading. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 320.00 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 310.00 cents and then at today’s high of 313.95 cents. First support is seen at today’s low of 307.05 cents and then at 304.65 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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