Gold price pressured a bit by stable stock markets
(Kitco News) - Gold and silver prices are modestly weaker in early U.S. trading Wednesday, on some more downside corrective action after recent gains. A rally in the U.S. stock indexes the past two days is also a bearish element for the safe-haven metals. June gold futures were last down $6.30 at $1,952.80 and May Comex silver was last down $0.091 at $25.30 an ounce.
Global stocks markets were mixed overnight. The U.S. stock indexes are pointed toward higher openings when the New York day session begins. The U.S. stock indexes have stabilized but are still in near-term price downtrends. Equities traders are presently focused on corporate earnings reports. Risk appetite is still not robust in the marketplace amid the Russia-Ukraine war and the Covid outbreak in China.
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Nymex crude oil futures prices are firmer today and trading around $104.00 a barrel. The U.S. dollar index is solidly lower early today after hitting a two-year high Tuesday. The closely watched yield on the 10-year Treasury note is presently fetching 2.57%, which is well down from levels seen earlier this week.
U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, existing home sales, the weekly DOE liquid energy stocks report and the Federal Reserve’s beige book.
Technically, the June gold futures bulls have the firm overall near-term technical advantage. Bulls’ next upside price objective is to produce a close in April futures above major resistance at $2,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,915.00. First resistance is seen at $1,975.00 and then at $2,000.00. First support is seen at the overnight low of $1,941.00 and then at $1,928.00. Wyckoff's Market Rating: 7.0
May silver futures bulls have the firm overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at the March high of $27.495 an ounce. The next downside price objective for the bears is closing prices below solid support at $24.00. First resistance is seen at $26.00 and then at Tuesday’s high of $26.195. Next support is seen at $25.00 and then at $24.50. Wyckoff's Market Rating: 7.0.