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(Kitco News) - Gold and silver prices are posting good advances in early U.S. trading Thursday. Both metals hit 13-month highs Wednesday. The metals bulls are being fueled by a slumping U.S. dollar index and rising crude oil prices, and also by very friendly technical charts. June gold was last up $16.80 at $2,041.70 and May silver is up $0.262 at $25.72.
Global stock markets were mixed overnight. U.S. stock indexes are pointed toward steady to slightly higher openings when the New York day session begins. On deck today is the U.S. producer price index report for March, which is forecast at unchanged from February. Traders have mostly digested Wednesday morning's U.S. consumer price index report for March that came in at up 5.0%, year-on-year, compared to market expectations for a rise of 5.1%. However, the core CPI number came in 0.1% higher than expected, which tempered trader/investor optimism as the trading session wore on Wednesday.
In overnight news, China's exports in March rose 14.8%, year-on-year. That was way above the 7% decline the marketplace expected. The big rise came as China's export business to Russia and southeast Asia jumped. China's imports dropped by 1.4% in March but were above the 5% decline expected.
Euro zone industrial production in February beat market expectations, at up 1.5% from January. A rise of 0.7% was expected.
Recent data from the world's major economies has proven better than expected, despite many economists still predicting a global downturn. Reads a Barron's headline today: “Recession talk has returned; why markets are shrugging."
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The key outside markets today see the U.S. dollar index lower and hitting a 2.5-month low. Nymex crude oil prices are a bit weaker after hitting a five-month high Wednesday, presently trading around $83.00 a barrel. The benchmark 10-year U.S. Treasury note yield is presently fetching 3.434%.
Other U.S. economic data due for release Thursday includes the weekly jobless claims report.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, the gold futures bulls have the solid overall near-term technical advantage. Prices are in an uptrend on the daily bar chart. Bulls' next upside price objective is to produce a close in June futures above solid resistance at the record high of $2,078.80, basis nearby futures. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the April low of $1,965.90. First resistance is seen at the April high of $2,049.20 and then at $2,078.80. First support is seen at the overnight low of $2,028.30 and then at Wednesday's low of $2,015.70. Wyckoff's Market Rating: 8.5
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
The silver bulls have the solid overall near-term technical advantage. Prices hit a 13-month high Wednesday and are in a steep uptrend on the daily bar chart. Silver bulls' next upside price objective is closing May futures prices above solid technical resistance at $27.50. The next downside price objective for the bears is closing prices below solid support at $23.50. First resistance is seen at this week's high of $25.828 and then at $26.00. Next support is seen at the overnight low of $25.515 and then at Wednesday's low of $25.175. Wyckoff's Market Rating: 8.5.
