Make Kitco Your Homepage

Gold price modestly down as risk appetite upbeat

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) - Gold prices are slightly lower in early U.S. trading Friday and seeing a bit of selling pressure amid generally positive trader and investor attitudes in the marketplace. A firmer U.S. dollar index is also a negative for the metals markets. April gold futures were last down $2.00 at $1,722.80 and May Comex silver was last up $0.013 at $25.06 an ounce.

Global stock markets were mostly firmer overnight. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins. World investors are in upbeat moods to end the trading week, after the U.S. weekly jobless claims report on Thursday morning suggested the world’s largest economy is rapidly breaking out of its pandemic shackles.

In overnight news, German business sentiment up-ticked in March, beating expectations. The Ifo business climate index came in at 96.6 in March from 92.7 in February and expectations for a reading of 93.0.

The world continues to watch as Egypt tries to float a massive container ship wedged between the Suez Canal, but so far with no success.

The key outside markets today see the U.S. dollar index weaker after hitting a 4.5-month high on Thursday. Nymex crude oil prices are higher and trading around $60.00 a barrel but the oil market bulls are still on the ropes after recent steep losses. The yield on the benchmark 10-year U.S. Treasury note is presently 1.636%.

U.S. economic data due for release Friday includes personal income and outlays, advance economic indicators and the University of Michigan consumer sentiment survey.

Live 24 hours gold chart [Kitco Inc.]

Technically, the April gold futures bears have the overall near-term technical advantage. Bulls’ next upside price objective is to produce a close in April futures above solid resistance at $1,775.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the March low of $1,673.30. First resistance is seen at $1,730.00 and then at $1,740.00. First support is seen at last week’s low of $1,716.60 and then at $1,700.00. Wyckoff's Market Rating: 3.5

Live 24 hours silver chart [ Kitco Inc. ]

May silver futures bears have the overall near-term technical advantage. Prices are in a seven-week-old downtrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $26.00 an ounce. The next downside price objective for the bears is closing prices below solid support at the January low of $24.095. First resistance is seen at $25.43 and then at $25.75. Next support is seen at $25.00 and then at $24.845. Wyckoff's Market Rating: 3.5.

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.