(Kitco News) - Gold and silver prices are higher again in early U.S. trading today, with gold posting solid gains and silver slight gains. A lower U.S. dollar index at midweek, along with falling world government bond prices are bullish outside-markets for the two precious metals on this day. June gold was last up $93.90 at $4,771.70. May silver prices were up $0.321 at $75.24.
Latest on the war in Iran…
--Trump foresees the U.S. exiting Iran war in two to three weeks, to address nation tonight
--Iran launched attacks on Israel, Bahrain, Kuwait, an oil tanker off Qatar and the UAE
--Trump threatens to pull U.S. from NATO in comments to The Telegraph
--U.K. will host a multi-nation meeting on reopening the Strait of Hormuz
--WTI crude oil slips to near $100 on optimism over Iran war resolution
--Asian, European stocks rally most in a year on hopes Iran war may end
-- Third U.S. aircraft carrier heads to Mideast as Iran war continues
CFTC monitoring crude oil futures price spikes… The Commodity Futures Trading Commission is monitoring trading in the crude oil futures market for unusual activity, its enforcement chief said Tuesday. “I can’t comment on what we’re investigating or not investigating,” CFTC Enforcement Director David Miller said on the sidelines of an event in New York when asked about the trading and as reported by Bloomberg. “All I’ll just say is we’re watching.” Miller declined to comment further. Trading in Nymex crude oil futures spiked lower in the minutes before a March 23 social media post from President Donald Trump about postponing strikes on Iran, Bloomberg reported last week.
The key outside markets see Nymex WTI crude oil prices weaker and trading around $100.00 a barrel. The U.S. dollar index is lower early today. The yield on the benchmark 10-year U.S. Treasury note is presently 4.28 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, June gold futures bulls’ next upside price objective is to produce a close above solid resistance at $5,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $4,300.00. First resistance is seen at $4,800.00 and then at $4,900.00. First support is seen at $4,700.00 and then at $4,600.00. Wyckoff's Market Rating: 5.0.
May silver futures bulls see their next upside price objective is closing prices above solid technical resistance at $80.00. The next downside price objective for the bears is closing prices below solid support at the March low of $61.21. First resistance is seen at $76.00 and then at $77.50. Next support is seen at $72.00 and then at $70.00. Wyckoff's Market Rating: 5.0.
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