(Kitco News) - Gold and silver prices are firmer in early U.S. trading Wednesday as the bulls work to stabilize the two precious metals following Tuesday’s solid losses. April gold was last up $6.70 at $2,925.50. March silver prices were last up $0.264 at $32.09.
Asian and European stock markets were mixed overnight. U.S. stock indexes are pointed to higher openings when the New York day session begins. The U.S. stock market event of the day is Nvidia’s earnings. The company’s stock has fallen in recent weeks, amid uncertainty regarding future spending on artificial intelligence after the much cheaper DeepSeek platform was unveiled weeks ago.
In overnight news, China plans to re-capitalize several of its biggest banks in the coming months, with officials injecting at least 400 billion yuan ($55 billion) of capital in the first tranche. The move is part of a broad stimulus package unveiled last year to shore up the struggling Chinese economy.
President Trump signed an executive order directing the U.S. Commerce Department to examine copper tariffs. Bloomberg said of the move: “It’s more evidence that commodities live at the heart of Donald Trump’s desire to remake global trade.”
The key outside markets today see the U.S. dollar index modestly up. Nymex crude oil futures prices are slightly lower and trading around $68.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.314%.
U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications report, new residential sales and the weekly DOE liquid energy stocks report.
Technically, April gold futures bulls have the solid 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 $2,950.00 and then at the contract/record high of $2,974.00. First support is seen at $2,900.00 and then at this week’s low of $2,897.00. Wyckoff's Market Rating: 8.5.
March silver futures bulls have slight the overall near-term technical advantage but a price uptrend on the daily bar chart has been negated. 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 $31.00. First resistance is seen at the overnight high of $32.565 and then at $33.00. Next support is seen at $32.00 and then at this week’s low of $31.895. Wyckoff's Market Rating: 5.5
(Hey! My “Markets Front Burner” weekly email report is my best writing and analysis, I think, because I get to look ahead at the marketplace and do some market price forecasting. Plus, I’ll throw in an educational feature to move you up the ladder of trading/investing success. And it’s free! Sign up here; it’s real easy. https://www.kitco.com/services
