Gold Sees Corrective Bounce

By Kitco News / April 24, 2018 / www.kitco.com / Article Link

(Kitco News) - Gold pricesare modestly higher in early U.S. trading Tuesday, on a mild rebound followingrecent selling pressure. There is still not much risk aversion in the marketplaceat present, which continues to limit buying interest in the safe-haven gold andsilver markets. June Comex gold futures were last up $3.70 an ounce at $1,327.70.May Comex silver was last up $0.038 at $16.625 an ounce.

Worldstock markets were mostly higher overnight. U.S. stock indexes are pointedtoward higher openings when the New York day session begins. A more robust riskappetite among traders and investors has benefitted the equities marketsrecently.

Therewas no major, fresh fundamental news overnight. U.S. President Trump and FrenchPresident Macron meet today to discuss whether to continue the Iran nucleardeal reached in 2015, or to pull out of it and reinstate sanctions on Iran. Thedeal is up for renewal in early May.

Thekey “outside markets” on Tuesday morning see the U.S. dollar index tradingslightly lower after hitting a more-than-three-month high overnight. Meantime,Nymex crude oil prices are slightly firmer and trading near $69.00 a barrel.Oil prices are not far below last week’s a 3.5-year high.

U.S.economic data due for release Tuesday includes the weekly Johnson Redbook andGoldman Sachs retail sales reports, the S&P/Case-Shiller home price index,the U.S. monthly house price index, new residential sales, the consumerconfidence index and the Richmond Fed business survey.

Live 24 hours gold chart [Kitco Inc.]

Technically,Junegold bulls still have the overall near-term technical advantage. Goldbulls' next upside near-term price breakout objective is to produce a closeabove solid technical resistance at the January high of $1,375.50. Bears' nextnear-term downside price breakout objective is pushing prices below solidtechnical support at the March low of $1,309.30. First resistance is seen atthis week’s high of $1,337.60 and then at $1,345.00. First support is theovernight low of seen at the April low of $1,322.60 and then at $1,312.40.Wyckoff's Market Rating: 6.0

Live 24 hours silver chart [ Kitco Inc. ]

Maysilver futures bulls and bears are on a level overall near-term technicalplaying field. Silver bulls' next upside price breakout objective is closingprices above solid technical resistance at the April high of $17.36 an ounce.The next downside price breakout objective for the bears is closing pricesbelow solid support at the March low of $16.10. First resistance is seen at $16.75and then at $16.89. Next support is seen at $16.50 and then at $16.25.Wyckoff's Market Rating: 5.0.

By Jim Wyckoff

For Kitco News

Contactjwyckoff@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.

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