(Kitco News) - Gold prices are mildly up and silver prices slightly down in midday U.S. trading today, somewhat supported by some chart-based buying interest from the speculators, as well as some mild safe-haven demand amid the Middle East war. However, gains in the two precious metals are limited amid an uptick in U.S. stock index prices to start the trading week. June gold was last up $9.50 at $4,688.20. May silver prices were down $0.264 at $72.65.
A upbeat U.S. employment report on Friday also leaned bearish for gold and silver, as it fell into the camp of the U.S. monetary policy hawks, who want to see interest rates stay higher for longer.
The key outside markets see Nymex WTI crude oil near steady and trading around $111.50 a barrel. The U.S. dollar index is slightly lower today. The yield on the benchmark 10-year U.S. Treasury note is presently 4.327 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 $4,750.00 and then at last week’s high of $4,825.90. First support is seen at the overnight low of $4,626.20 and then at $4,580.40. 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 $75.00 and then at last week’s high of $76.265. Next support is seen at $70.00 and then at last week’s low of $67.70. Wyckoff's Market Rating: 5.0
(Hey! My “Markets Front Burner” weekly email report is my best writing and analysis, I think, because I get to look ahead at the marketplace and do some market price forecasting. Plus, I’ll throw in an educational feature to move you up the ladder of trading/investing success. And it’s free! Sign up here; it’s real easy. https://www.kitco.com/services)
I’ll throw in an educational feature to move you up the ladder of trading/investing success. And it’s free! Sign up here; it’s real easy. https://www.kitco.com/services
