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(Kitco News) - Comex gold futures prices closed the U.S. day session moderately lower but up from the daily low Thursday. Gold and silver prices early on hit a fresh nine-week low and fresh near-term chart damage was inflicted. Some fresh, weak economic data from China and the European Union had the market place in a “risk off” mode Thursday, which was bearish for the precious metals. The key “outside markets” were also bearish for gold and silver Thursday, as the U.S. dollar index was slightly higher and crude oil prices were solidly lower. April gold last traded down $9.00 at $1,641.30 an ounce. Spot gold was last quoted down $8.50 an ounce at $1,642.00.  May Comex silver last traded down $.852 at $31.375 an ounce.

Traders took on a more risk-averse posture Thursday in the wake of fresh, weak manufacturing news coming out of China, which was followed by a weak economic report coming from the European Union Thursday. There has been a string of weaker data coming out of commodity-consuming juggernaut China, and that had the commodity market bulls worried Thursday. The weak economic data from the EU raised fears that bloc could slip into recession. Thus, the world stock and commodity markets, including gold and silver, saw selling pressure Thursday. Once again, gold market bulls were frustrated their safe-haven asset acted more like a risk asset Thursday.

The London P.M. gold fixing was $1,635.00 versus the previous P.M. fixing of $1,649.25.

Technically, April gold futures prices closed near mid-range Thursday and hit a fresh nine-week low as more near-term technical damage was inflicted. Bears have the near-term technical advantage. Prices are in a three-week-old downtrend on the daily bar chart. The gold bulls’ next upside price breakout objective is to produce a close above solid technical resistance at this week’s high of $1,670.10. Bears' next near-term downside price objective is closing prices below psychological support at $1,600.00. First resistance is seen at Thursday’s high of $1,656.60 and then at Wednesday’s high of $1,661.90. First support is seen at Thursday’s low of $1,627.50 and then at $1,620.00. Wyckoff's Market Rating: 4.0.

May silver futures prices closed nearer the session low and hit a fresh nine-week low Thursday. Fresh chart damage was inflicted. Silver prices are in a three-week-old downtrend on the daily bar chart and the bears have the near-term technical advantage. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at this week’s high of $33.09 an ounce. The next downside price breakout objective for the bears is closing prices below major psychological support at $30.00. First resistance is seen at $32.00 and then at Thursday’s high of $32.35. Next support is seen at Thursday’s low of $31.09 and then at $31.00. Wyckoff's Market Rating: 4.0.

May N.Y. copper closed down 745 points 377.10 cents Thursday. Prices closed nearer the session low today. The key “outside markets” were bearish for copper as the U.S. dollar index was firmer and crude oil prices were sharply lower. Copper bulls still have the slight overall near-term technical advantage, but did fade today. Copper bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at 390.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the February low of 370.25 cents. First resistance is seen at 380.00 cents and then at 382.50 cents. First support is seen at Thursday’s low of 375.25 cents and then at the March low of 371.40 cents. Wyckoff's Market Rating: 5.5.

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By Jim Wyckoff contributing to Kitco News; jim@jimwyckoff.com

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