(Kitco News) - Gold and silver prices are higher, with silver posting solid gains, in midday U.S. trading Tuesday. Both metals continue to see a steady flow of safe-haven demand amid a general marketplace that remains uneasy due mostly to a disruptive U.S. trade and foreign policy. The charts are also bullish for gold and silver, which continues to invite technical buying from the speculators. April gold was last up $13.80 at $3,029.40. May silver prices were last up $0.775 at $34.22.
The key outside markets today see the U.S. dollar index weaker. Nymex crude oil futures prices are also weaker and trading around $68.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently around 4.3%.
Technically, April gold futures bulls have the strong overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $3,100.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,900.00. First resistance is seen at $3,050.00 and then at the contract high of $3,065.20. First support is seen at this week’s low of $3,007.70 and then at $3,000.00. Wyckoff's Market Rating: 9.0.
May silver futures bulls have the overall near-term technical advantage. Prices are in a choppy, three-month-old uptrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at the October 2024 high of $35.80. The next downside price objective for the bears is closing prices below solid support at $32.215. First resistance is seen at $34.56 and then at $35.00. Next support is seen at today’s low of $33.43 and then at last week’s low of $33.165. Wyckoff's Market Rating: 6.5.
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