(Kitco News) - Gold and silver prices are higher near midday Thursday, with gold posting sharp gains. Both metals hit four-week highs. A lower U.S. dollar index and a downtick in U.S. Treasury yields are daily bullish elements for the precious metals today. February gold was last up $37.20 at $2,754.90. March silver was up $0.319 at $31.85.
There is also likely some safe-haven demand in the gold at silver markets at present, due to the uncertainties regarding President Trump’s economic and foreign policies after he takes office next week.
The key outside markets today see the U.S. dollar index weaker. Nymex crude oil futures prices are lower and are trading around $78.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at around 4.6%.
Technically, February gold futures bulls have the firm overall near-term technical advantage. Prices are trending up on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the December high of $2,761.30. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,700.00. First resistance is seen at $2,761.30 and then at $2,775.00. First support is seen at the overnight low of $2,720.40 and then at $2,700.00. Wyckoff's Market Rating: 7.0.
March silver futures bulls have the overall near-term technical advantage. Prices are now trending up on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at the December high of $33.33. The next downside price objective for the bears is closing prices below solid support at $30.00. First resistance is seen at the overnight high of $31.985 and then at $32.50. Next support is seen at the overnight low of $31.535 and then at $31.00. Wyckoff's Market Rating: 6.0.
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