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Gold, Silver Prices Steady-Firm In Quieter Dealings

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(Kitco News) - Gold is trading near steady, while silver prices are just a bit firmer in early-afternoon U.S. trading Wednesday. It’s been a quieter trading session. Rallies in the U.S. stock indexes to new for-the-move highs today was a negative for the safe-haven metals, but selling interest was tempered by a drop in the U.S. dollar index. June gold futures were last down $0.10 an ounce at $1,295.30. May Comex silver was last up $0.039 at $15.10 an ounce.

The U.S. economic highlight so far this week saw the ADP national employment report for March with a gain of 129,000 jobs, which was a significant downside miss. The payrolls number was forecast to be up 173,000. This report is a precursor to the more important jobs report from the Labor Department that is due out Friday morning. The non-farm payrolls number in that report is forecast to be up 175,000 in March, with the unemployment rate expected to remain at 3.8%.

So far this week, traders and investors have elevated risk appetites to boost world stock markets, due in part to optimism the U.S. and China will soon reach a trade deal. Talks on the matter take place in Washington, D.C. beginning today.

On the Brexit front, U.K.’s Parliament and Prime Minister Theresa May cannot come to agreement on a “soft” exit, with May wanting to extend the deadline for a “hard” exit. This matter has so far been a back-burner issue for most world markets.

The other key outside market today sees Nymex crude oil prices weaker on mild profit taking after hitting a 4.5-month high of $62.99 earlier today.

Live 24 hours gold chart [Kitco Inc.]

Technically, June gold futures prices closed near mid-range. The bulls still have the overall near-term technical advantage but have faded recently and need to show fresh power soon to avoid serious chart damage being inflicted. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at the March high of $1,330.80. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the March low of $1,287.50. First resistance is seen at $1,300.00 and then at $1,305.00. First support is seen at this week’s low of $1,289.50 and then at $1,287.50. Wyckoff's Market Rating: 6.0

Live 24 hours silver chart [ Kitco Inc. ]

May silver futures prices closed near mid-range today. The silver bears have the slight overall near-term technical advantage. A five-week-old downtrend has been re-established on the daily bar chart. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at the March high of $15.65 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $14.50. First resistance is seen at this week’s high of $15.19 and then at $15.315. Next support is seen at today’s low of $15.00 and then at this week’s low of $14.905. Wyckoff's Market Rating: 4.5.

May N.Y. copper closed up 400 points at 294.60 cents today. Prices closed nearer the session high today. The copper bulls have the overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 300.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the March low of 283.45 cents. First resistance is seen at today’s high of 295.30 cents and then at 297.80 cents. First support is seen at this week’s low of 289.70 cents and then at 287.80 cents. Wyckoff's Market Rating: 6.0.

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.