AM-PM Roundup
Gold sees short-covering bounce Monday
(Kitco News) - Gold prices are moderately higher in midday U.S. trading Monday, on short covering in the futures market after dropping to a nine-week low in overnight dealings. Silver prices are weaker and hit a nearly four-month low today. April gold was last up $8.10 at $1,825.00 and March silver was down $0.135 at $20.675.
Global stock markets were mixed overnight, with Asian shares mostly lower and European shares mostly higher. U.S. stock indexes are firmer at midday. The stock index bulls are still jittery after last week, which saw the worst performance of the year for the U.S. stock indexes. Worries about the Federal Reserve keeping U.S. interest rates higher for longer have left traders and investors with less risk appetite. The Wall Street Journal today reported, “Fear is creeping back into the stock market. To protect against a potential downturn, traders are scooping up hedges at the fastest clip since the onset of the Covid-19 pandemic.” Traders are betting the CBOE’s daily volatility index (VIX) will rise in the coming weeks. To do that hedging, traders are buying call options on the VIX, said the WSJ.
The key outside markets see the U.S. dollar index lower, which is also limiting selling interest in the metals markets on this day. Nymex crude oil futures prices are slightly lower and trading around $76.75 a barrel. The yield on the benchmark U.S. 10-year Treasury note is presently fetching around 3.95%.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, April gold futures prices hit a nine-week low today. Bears have the overall near-term technical advantage. A price downtrend is in place on the daily chart. Bulls’ next upside price objective is to produce a close above solid resistance at last week’s high of $1,856.40. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,800.00. First resistance is seen at last Friday’s high of $1,835.10 and then at $1,850.00. First support is seen at today’s low of $1,812.00 and then at $1,800.00. Wyckoff's Market Rating: 4.0.
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
March silver futures prices hit a nearly four-month-low today. The silver bears have the firm overall near-term technical advantage. Prices are in a steep downtrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $22.00. The next downside price objective for the bears is closing prices below solid support at $20.00. First resistance is seen at today’s high of $20.82 and then at $21.00. Next support is seen at today’s low of $21.515 and then at $20.00. Wyckoff's Market Rating: 3.5.
March N.Y. copper closed up 595 points at 401.15 cents today. Prices closed near the session high today and hit a seven-week low early on. The copper bulls have the slight overall near-term technical advantage but they have faded. Prices are in a six-week-old downtrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the February high of 423.70 cents. The next downside price objective for the bears is closing prices below solid technical support at the January low of 370.85 cents. First resistance is seen at Friday’s high of 407.65 cents and then at 410.00 cents. First support is seen at today’s low of 393.45 cents and then at 390.00 cents. Wyckoff's Market Rating: 5.5.
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