(Kitco News) - Gold and silver prices are solidly lower in midday U.S. trading today, pressured by gains in the U.S. dollar index and a slight rise in U.S. Treasury yields. However, both metals’ prices are well up from their session lows. Once again, gold and silver bulls are frustrated their markets cannot catch safe-haven bids amid keen risk aversion in the marketplace that sees crude oil prices sharply higher. June gold was last down $121.70 at $4,690.90. May silver prices were down $3.838 at $72.145.
All 10-year U.S. Treasury, financial and commodity markets will be closed on Friday for the Good Friday Easter holiday. However, the U.S. Labor Department will release its Employment Situation Report for March. The key non-farm payrolls number is forecast to come in at up around 60,000 workers, which compares to a decline of 92,000 workers in the February report. The overall U.S. unemployment rate is forecast at 4.4% in March, unchanged from the February report.
The key outside markets see Nymex WTI crude oil sharply higher, at a three-week high and trading around $110.00 a barrel. The U.S. dollar index is higher today. The yield on the benchmark 10-year U.S. Treasury note is presently around 4.25 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 $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 $4,700.00 and then at $4,750.00. First support is seen at $4,600.00 and then at the overnight low of $4,580.40. Wyckoff's Market Rating: 5.0.
May silver futures bulls’ 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 $73.00 and then at $75.00. Next support is seen at $70.00 and then at this week’s low of $67.70. Wyckoff's Market Rating: 5.0
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