(Kitco News) - Gold and silver prices are higher in early U.S. trading Thursday, with gold prices hitting all-time highs and closing in on $3,000.00 an ounce. Ongoing safe-haven and chart-based buying are fueling the bull market runs in the two precious metals. April gold was up $23.80 at $2,959.90. March silver prices were last up $0.532 at $33.575.
Risk aversion is a bit higher Thursday amid recent U.S. trade tariff threats and as tensions rise between the U.S. and Europe. Escalating angst between U.S. President Trump and Ukraine President Zelenskiy is also making markets nervous, as Trump may be aligning more with Russian President Putin regarding talks on ending the Russia-Ukraine war.
Asian and European shares were mixed to weaker in trading overnight. U.S. stock indexes are set to open weaker when the New York day session begins.
In other news, Trump said it may possible to reach a trade deal with China to head off a potential trade war between the world’s two largest economies.
The Japanese yen pushed above 150 to the U.S. dollar on speculation the Bank of Japan will raise its interest rates soon.
The marketplace has digested Wednesday afternoon’s minutes from the latest FOMC meeting in January. The minutes showed lingering concern over sticky inflation. The minutes said the Fed is “well positioned to take time to assess the evolving outlook for economic activity, the labor market, and inflation.”
The key outside markets today see the U.S. dollar index modestly higher. Nymex crude oil futures prices are near steady and trading around $72.25 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.527%.
U.S. economic data due for release Thursday includes the weekly jobless claims report, the Philadelphia Fed business survey, leading economic indicators and the weekly DOE liquid energy stocks report.
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 $2,850.00. First resistance is seen at the overnight contract/record high of $2,973.40 and then at $2,985.00. First support is seen at Wednesday’s low of $2,933.70 and then at $2,900.00. Wyckoff's Market Rating: 9.0.
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 the February 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 the overnight high of $33.785 and then at $34.00. Next support is seen at $33.00 and then at this week’s low of $32.46. Wyckoff's Market Rating: 7.0.
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