(Kitco New) - Gold and silver prices are firmer in midday U.S. trading Tuesday. The important outside markets are in a bullish posture for the metals markets on this day. The U.S. dollar index is weaker, crude oil prices higher and U.S. Treasury yields have down-ticked. April gold was last up $11.60 at $2,054.40. March silver was last up $0.103 at $22.52.
U.S. stock index futures are narrowly mixed near midday but not far below their record highs. The rallying stock indexes have been a negative element for gold and silver, as they are a competing asset class.
Middle East tensions are still on the front burner of the marketplace. The U.S. has ramped up its retaliatory attacks on the Houthi rebels. Meantime, there is ongoing talk of a cease-fire coming soon in the Israeli-Hamas war.
The key outside markets today see the U.S. dollar index weaker after hitting a multi-month high Monday. Nymex crude oil prices are firmer and trading around $73.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently fetching 4.108%.
Technically, April gold futures bulls have the slight overall near-term technical advantage amid choppy trading recently. Bulls’ next upside price objective is to produce a close above solid resistance at $2,100.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,000.00. First resistance is seen at this week’s high of $2,059.10 and then at $2,059.10 and then at $2,075.00. First support is seen at today’s low of $2,038.80 and then at this week’s low of $2,030.80. Wyckoff's Market Rating: 5.5.
March silver futures bears have the firm overall near-term technical advantage. A two-month-old downtrend is in place on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $24.00. The next downside price objective for the bears is closing prices below solid support at the October low of $21.17. First resistance is seen at this week’s high of $22.84 and then at $23.00. Next support is seen at this week’s low of $22.325 and then at $22.00. Wyckoff's Market Rating: 3.0.
March N.Y. copper closed up 140 points at 378.55 cents today. Prices closed nearer the session high today. The copper bulls and bears are on a level overall near-term technical playing field. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the December high of 397.40 cents. The next downside price objective for the bears is closing prices below solid technical support at the January low of 371.45 cents. First resistance is seen at this week’s high of 383.30 cents and then at last Friday’s high of 386.25 cents. First support is seen at this week’s low of 376.35 cents and then at the January low of 371.45 cents. Wyckoff's Market Rating: 5.0.
Hey!! Try out my “Markets Front Burner” weekly email report. Front Burner is my best writing and analysis, I think, because I get to look ahead at the marketplace and do some market price forecasting. Plus, I’ll throw in an educational feature to move you up the ladder of trading/investing success. And it’s free! Email me at jim@jimwyckoff.com and I’ll add your email address to the Front Burner list.
