(Kitco News) - Gold and silver prices are higher in early U.S. trading Friday, with silver sharply up and hitting a 3.5-month high. It’s the same old song for the precious metals: safe-haven demand is lifting prices. However, the bulls certainly don’t mind hearing that tune over and over. April gold was up $7.80 at $2,953.20. March silver prices were last up $1.344 at $34.07.
Bloomberg reports the U.S. government’s stock of gold, the world’s largest, could be revalued to bolster U.S. finances. However, the White House has yet to comment on the speculation.
It appears that silver today is playing catch-up to the recent better gains in gold prices.
Asian and European shares were mixed in trading overnight. U.S. stock indexes are set to open weaker when the New York day session begins. Risk aversion is a bit keener to end the trading week, as the Trump administration is now touting reciprocal tariffs on all of its trading partners. Reads a Barrons headline today: “Trump tariffs warrant more caution. Stock markets must brace for a global trade shift….”
In overnight news, a security conference is under way Germany as the U.S. is pushing for peace talks between Ukraine and Russia. U.S. President Trump earlier this week said that U.S. officials would meet at the conference and that Ukraine was also invited. Trump earlier promised Ukraine a seat at the table in any peace negotiations.
The key outside markets today see the U.S. dollar index solidly lower. Nymex crude oil futures prices are firmer and trading around $71.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.54%.
U.S. economic data due for release Friday includes retail sales, import and export prices, industrial production and capacity utilization, and manufacturing and trade inventories.
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 the overnight high of $2,964.10 and then at the contract high of $2,968.50. First support is seen at the overnight low of $2,947.30 and then at Thursday’s low of $2,925.80. Wyckoff's Market Rating: 9.5.
March silver futures bulls have the solid overall near-term technical advantage and gained more power today 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 the October 2024 high of $35.53. The next downside price objective for the bears is closing prices below solid support at this week’s low of $31.65. First resistance is seen at the overnight high of $34.24 and then at $34.50. Next support is seen at $33.50 and then at $33.00. Wyckoff's Market Rating: 8.0.
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