(Kitco News) - Gold and silver prices are higher near midday Wednesday, as safe-haven bidding has returned amid a major war playing out in the Middle East, with its final outcome still very much uncertain. Prices have moved down from their daily highs, however, on some profit taking from the shorter-term futures traders. April gold was last up $37.00 at $5,160.00. March silver prices were up $0.607 at $83.485.
The key outside markets today see the U.S. dollar index weaker, with Nymex crude oil prices near steady and trading around $74.25 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently 4.1 percent.
Note: The gold market operates through two primary pricing mechanisms. The first is the spot market, which quotes prices for on-the-spot purchase and immediate delivery. The second is the futures market, which sets prices for delivery at a future date. Due to year-end positioning market liquidity, the December gold futures contract is currently the most actively traded on the CME.
Technically, April gold futures bulls’ next upside price objective is to produce a close above solid resistance at the contract/record high of $5,626.80. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $5,000.00. First resistance is seen at $5,200.00 and then at $5,250.00. First support is seen at the overnight low of $5,092.80 and then at $5,000.00. Wyckoff's Market Rating: 6.5.
March silver futures bulls see their next upside price objective is closing prices above solid technical resistance at this week’s high of $95.86. The next downside price objective for the bears is closing prices below solid support at the February low of $71.815. First resistance is seen at $87.50 and then at $90.00. Next support is seen at $83.00 and then at $81.00. Wyckoff's Market Rating: 5.5.
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