(Kitco News) - Gold prices are higher and not far below last week’s all-time highs. Safe-haven demand, including via investors purchasing gold ETFs, and technical buying continue to be featured. Silver prices are starting to lag a bit and are slightly down today. April gold was up $13.50 at $2,966.70. March silver prices were last down $0.092 at $32.92.
Asian and European shares were mixed to weaker in trading overnight. U.S. stock indexes are set to open higher on corrective bounces following Friday’s big sell offs. Bloomberg today reported “after soaring more than 50% over 2023 and 2024, the S&P 500 has largely flatlined since Trump’s inauguration. The hot trade is now moving overseas, with investors piling into European and Asian stocks.” Since just before Trump took office, the Stoxx Europe 600 Index is up around 6%. The Nasdaq Golden Dragon Index, which tracks U.S.-listed companies that do business in China, has gained 18%. The Swiss Market Index hit a new record high overnight.
In overnight news, German stocks rose as investors cheered a win by German conservative leader Friedrich Merz in Sunday’s elections.
The Euro zone January consumer price index came in at up 2.5%, year-on-year, which was right in line with market expectations.
The key outside markets today see the U.S. dollar index near steady. Nymex crude oil futures prices are near steady and trading around $70.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.437%.
U.S. economic data due for release Monday includes the Chicago Fed national activity index and the Texas manufacturing outlook 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 $2,850.00. First resistance is seen at the contract/record high of $2,973.40 and then at $2,985.00. First support is seen at the overnight low of $2,936.80 and then at $2,900.00. 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 the February high of $34.24. The next downside price objective for the bears is closing prices below solid support at $31.65. First resistance is seen at the overnight high of $33.12 and then at $33.50. Next support is seen at $32.46 and then at $32.00. Wyckoff's Market Rating: 6.5.
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