Gold, Silver Lackluster As Investors Shun Safe-Havens
(Kitco News)- Goldand silver prices were ending the U.S. day session modestly weaker Monday. Keenerrisk appetite in the world marketplace at present is keeping the buyers of thesafe-metals squelched. A weaker U.S. dollar index today did allow gold andsilver to move off of their daily lows that were scored in early dealings. AprilComex gold futures were last down $3.90 an ounce at $1,320.20. May Comex silver was last down $0.083 at $16.525 an ounce.
Worldstock markets were mostly higher today, following the lead of the U.S. stockmarket on Friday, which rallied in the wake of an upbeat U.S. employment reportthat showed healthy jobs gains amid inflation that is not deemed problematic.U.S. stock indexes were mixed in afternoon trading, with the Nasdaq 100 indexscoring a new record high. The indexes have made very impressive recoveriesfrom their January and February losses.
Themarketplace Monday was still digesting last week's U.S. implementation of tradetariffs on steel and aluminum. The European Union wants to talk to the U.S. onthe matter, while China warned it will retaliate for the U.S. tariffs. Thissituation could flare up further, which could seriously dent world stock marketbullishness. Gold and silver traders will be watching this situation veryclosely in the coming weeks.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically,April gold futures prices closed near mid-range today. The gold bulls and bearsare on a level overall near-term technical playing field amid recent choppytrading. Gold bulls' next upside near-term price breakout objective is toproduce a close above solid technical resistance at $1,350.00. Bears' nextnear-term downside price breakout objective is pushing prices below solidtechnical support at $1,300.00. First resistance is seen at today's high of$1,325.00 and then at $1,330.00. First support is seen at last week's low of$1,313.20 and then at $1,309.00. Wyckoff's Market Rating: 5.0
Maysilver futures prices closed near mid-range today. The silver bears have theoverall near-term technical advantage. Silver bulls' next upside price breakoutobjective is closing prices above solid technical resistance at the February highof $17.04 an ounce. The next downside price breakout objective for the bears isclosing prices below solid support at $16.00. First resistance is seen at$16.75 and then at the March high of $16.895. Next support is seen at lastweek's low of $16.33 and then at the March low of $16.16. Wyckoff's MarketRating: 3.5.
MayN.Y. copper closed down 150 points at 312.10 cents today. Prices closed nearerthe session low today. The copper bulls still have the slight overall near-termtechnical advantage, but have faded and need to show fresh power soon to keepit. Copper bulls' next upside price objective is pushing and closing pricesabove solid technical resistance at 325.00 cents. The next downside priceobjective for the bears is closing prices below solid technical support at theFebruary low of 304.65 cents. First resistance is seen at today's high of315.55 cents and then at 318.00 cents. First support is seen at 310.00 centsand then at 307.50 cents. Wyckoff's Market Rating: 5.5.
By Jim WyckoffFor Kitco News
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jwyckoff@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.