(Kitco News) - Gold and silver prices are higher in early U.S. trading Thursday, with gold not far below this week’s record highs, as both precious metals markets are continuing to see safe-haven demand amid a general marketplace that remains anxious amid the rapid changes taking place in U.S. government policies. April gold was last up $14.20 at $2,890.90. March silver prices were last up $0.104 at $32.73.
Gold and silver bulls have taken note that the safe-haven buying is keeping a floor under the gold and silver markets despite the U.S. dollar index posting solid gains on some days.
Asian and European shares were mixed in quieter trading overnight. U.S. stock indexes are set to open mixed when the New York day session begins.
Today comes the important 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. Bloomberg reports the January U.S. payroll numbers “will be hard to parse because of the wildfires in Los Angeles and cold weather in other parts of the country.”
The key outside markets today see the U.S. dollar index slightly higher. Nymex crude oil futures prices are firmer and trading around $71.00 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.440%.
Other U.S. economic data due for release Friday includes monthly wholesale trade, consumer credit and the University of Michigan consumer sentiment survey.
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 $2,900.00 and then at the contract high of $2,906.00. First support is seen at the overnight low of $2,879.60 and then at Thursday’s low of $2,855.00. Wyckoff's Market Rating: 9.0.
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 $33.00 and then at the December high of $33.33. Next support is seen at Thursday’s low of $32.15 and then at $32.00. Wyckoff's Market Rating: 6.5.
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