(Kitco News) - Gold and silver prices are sharply higher in midday U.S. trading Monday. Gold is back near its record highs. More safe-haven and technically based buying are featured in the two precious metals to start the U.S. holiday-shortened trading week. The disruptive Trump U.S. presidential administration continues to make waves in the U.S. and around the globe, and the marketplace remains in a state of uncertainty, especially regarding U.S. trade and tariff policies. April gold was up $48.70 at $2,949.30. March silver prices were last up $0.50 at $33.355.
The key outside markets today see the U.S. dollar index higher. Nymex crude oil futures prices are firmer and trading around $71.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently around 4.52%.
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 high of $2,952.60 and then at the contract high of $2,968.50. First support is seen at $2,925.00 and then at $2,900.00. Wyckoff's Market Rating: 9.5.
March silver futures bulls have the firm 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 last week’s high of $34.24. The next downside price objective for the bears is closing prices below solid support at last week’s low of $31.65. First resistance is seen at $33.70 and then at $34.00. Next support is seen at $33.00 and then at the overnight low of $32.46. Wyckoff's Market Rating: 7.0.
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