(Kitco News) - Gold prices are higher and hit another all-time high in midday U.S. trading Wednesday, as safe-haven demand continues to push the yellow metal into uncharted territory. Traders and investors remain jittery amid U.S. President Trump’s unpredictable and potentially disruptive policy actions. China-U.S. trade tensions are running high as both nations this week have ratcheted up their tariffs and taken other hostile business steps against the other. April gold was last up $22.10 at $2,898.00. March silver prices hit a seven-week high overnight and were last down $0.052 at $32.97.
Trump’s policy moves recently are mostly overshadowing routine U.S. economic data releases. Friday comes the U.S. employment situation report for January, with the key non-farm jobs number seen coming in at up 169,000 versus a rise of 256,000 in the December report.
The key outside markets today see the U.S. dollar index lower. Nymex crude oil futures prices are lower and trading around $71.00 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently around 4.4%.
Technically, April gold futures bulls have the strong 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 $3,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,800.00. First resistance is seen at today’s contract high of $2,906.00 and then at $2,915.00. First support is seen at the overnight low of $2,870.10 and then at $2,850.00. Wyckoff's Market Rating: 9.5.
March silver futures bulls have the overall near-term technical advantage amid a price uptrend in place on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $34.00. The next downside price objective for the bears is closing prices below solid support at $31.00. First resistance is seen at the overnight high of $33.215 and then at the December high of $33.33. Next support is seen at the overnight low of $32.63 and then at Tuesday’s low of $32.225. Wyckoff's Market Rating: 6.5.
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