(Kitco News) - Gold prices are solidly up and hit more record highs Monday. June Comex gold futures notching a new all-time high of $3,162.00 an ounce. Sustained safe-haven demand is propelling the yellow metal still higher, with no significant chart clues that a market top is close at hand. June gold was last up $32.70 at $3,147.00. May silver prices were last down $0.264 at $34.545.
Risk aversion is elevated on this last trading day of the month and of the quarter. However, the U.S. stock indexes have moved well off their daily lows, which hit multi-month lows early on. There are widespread worries about global economic growth as more U.S. trade tariffs are set to go into effect on Wednesday, April 2. Reads a Barrons headline today: “Trump tariffs are a nightmare for stock markets.”
Reports said Goldman Sachs is forecasting gold prices could briefly spike to $4,500 this year.
The key outside markets today see the U.S. dollar index higher. Nymex crude oil futures prices are solidly up and trading around $71.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently 4.23%.
Technically, June 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 $3,200.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $3,031.00. First resistance is seen at the overnight contract high of $3,162.00 and then at $3,175.00. First support is seen at the overnight low of $3,112.40 and then at $3,100.00. Wyckoff's Market Rating: 9.5.
May silver futures bulls have the solid 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 $33.165. First resistance is seen at last week’s high of $35.495 and then at $35.80. Next support is seen at the overnight low of $34.165 and then at $34.00. Wyckoff's Market Rating: 7.5.
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