(Kitco News) - Gold and silver prices are solidly higher in early U.S. trading Thursday, with Comex gold futures poking to a new record high of $3,065.50 an ounce. A steady stream of safe-haven demand is keeping the precious metals prices elevated. The low volatility in the gold market, at record-high levels, suggests prices can continue a steady climb. April gold was last up $38.20 at $3,060.70. May silver prices were last up $0.523 at $34.745.
Asian and European stock markets were mixed in quieter overnight trading. U.S. stock indexes are pointed to mixed openings today in New York. Risk appetite is not keen in the general marketplace late this week, following the latest salvo of tariffs on imported vehicles from the Trump administration.
The key outside markets today see the U.S. dollar index slightly down. Nymex crude oil futures prices are slightly weaker and trading around $69.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently 4.393%.
U.S. economic data due for release Thursday includes the weekly jobless claims report, the third estimate for fourth-quarter GDP, including the inflation indexes, the advance economic indicators report, pending home sales and the Kansas City Fed manufacturing survey.
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 the overnight contract high of $3,065.50 and then at $3,085.00. First support is seen at the overnight low of $3,022.30 and then at this week’s low of $3,007.70. Wyckoff's Market Rating: 9.5.
May silver futures bulls have the firm 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 the overnight high of $34.795 and then at $35.00. Next support is seen at the overnight low of $34.125 and then at $34.00. Wyckoff's Market Rating: 7.0.
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