(Kitco News) - Gold and silver prices are weaker and close to daily lows in midday U.S. trading Thursday. Technical selling in the futures markets is featured amid a lack of fresh fundamental news today, as the near-term chart postures for both metals have deteriorated the past week. April gold was last down $11.50 at $1,879.40 and March silver was down $0.30 at $22.11.
"Fedspeak this week has slightly favored the precious metals market bears. Fed Chairman Jerome Powell this week, along with other Fed officials, doubled down on their rhetoric that while U.S. inflationary pressures have begun to recede, much more work needs to be done from the Fed—meaning more interest rate increases at upcoming FOMC meetings. Focus is beginning to turn to the U.S. consumer price index report out next Tuesday.
Global stock markets were mostly up overnight. U.S. stock indexes are firmer at midday.
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The key outside markets see the U.S. dollar index solidly lower. The yield on the benchmark U.S. 10-year Treasury note is presently fetching around 3.603%. Meantime, Nymex crude oil futures prices are modestly down and trading around $77.75 a barrel.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, April gold futures bulls still have the overall near-term technical advantage. However, they are fading and a bear flag pattern has formed on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at the February high of $1,975.20. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,850.00. First resistance is seen at $1,900.00 and then at $1,915.50. First support is seen at this week's low of $1,873.20 and then at $1,850.00. Wyckoff's Market Rating: 6.0
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
March silver futures hit a two-month low today. The silver bulls have the slight overall near-term technical advantage but need to show fresh power soon to keep it. Silver bulls' next upside price objective is closing prices above solid technical resistance at $23.50. The next downside price objective for the bears is closing prices below solid support at $21.00. First resistance is seen at this week's high of $22.635 and then at $23.00. Next support is seen at $22.00 and then at $21.50. Wyckoff's Market Rating: 5.5.
March N.Y. copper closed up 750 points at 410.90 cents today. Prices closed nearer the session high. The copper bulls have the overall near-term technical advantage but are fading. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the January high of 435.50 cents. The next downside price objective for the bears is closing prices below solid technical support at 380.00 cents. First resistance is seen at today's high of 415.00 cents and then at 420.00 cents. First support is seen at today's low of $4.0395 and then at this week's low of 399.30 cents. Wyckoff's Market Rating: 6.5.
