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Gold, silver pull back on routine downside corrections

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(Kitco News) - Gold and silver prices are lower in midday U.S. trading Thursday, on normal corrective pullbacks and some chart consolidation after recent gains that saw both metals hit multi-week highs on Wednesday. Some profit taking from the shorter-term futures traders was also featured. Bulls are still enjoying near-term price uptrends in place on the daily bar charts. June gold futures were last down $12.30 at $1,780.80 and May Comex silver was last down $0.375 at $26.195 an ounce.

The safe-haven metals so far are not paying much attention to a Russian troop build-up near the  Russia-Ukraine border. However, this matter could quickly develop into a major geopolitical crisis and boost gold and silver prices, should Russia make any military move to take over Ukraine, which Russia claims is already part of Russia.

Global stock markets were mixed to mostly firmer overnight. U.S. stock indexes are mixed at midday. The U.S. indexes are seeing a routine pause and some chart consolidation much of this week after last week hitting record highs.

The key outside markets today see the U.S. dollar index firmer. Nymex crude oil prices are slightly up and trading around $61.50 a barrel. Meantime, the yield on the benchmark 10-year U.S. Treasury note is presently fetching around 1.56%.

Live 24 hours gold chart [Kitco Inc.]

Technically, June gold futures bulls still have the overall near-term technical advantage as prices are in an uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $1,800.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at last week’s low of $1,723.20. First resistance is seen at $1,800.00 and then at $1,817.60. First support is seen at this week’s low of $1,763.50 and then at $1,750.00. Wyckoff's Market Rating: 6.0

Live 24 hours silver chart [ Kitco Inc. ]

May silver futures bulls have the overall near-term technical advantage. Prices are in an uptrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $27.00 an ounce. The next downside price objective for the bears is closing prices below solid support at last week’s low of $24.68. First resistance is seen at this week’s high of $26.73 and then at $27.00. Next support is seen at $26.00 and then at this week’s low of $25.67. Wyckoff's Market Rating: 6.0.

May N.Y. copper closed down 120 points at 426.70 cents today. Prices closed near mid-range today. The copper bulls have the solid overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the February high of 437.55 cents. The next downside price objective for the bears is closing prices below solid technical support at the April low of 394.35 cents. First resistance is seen at this week’s high of 429.65 cents and then at 432.50 cents. First support is seen at Wednesday’s low of 420.50 and then at this week’s low of 415.20 cents. Wyckoff's Market Rating: 8.0.

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.