Gold, Silver Buyers Squelched By Higher U.S. Dollar, Low Risk Aversion

(Kitco News) - Goldandsilver prices were ending the U.S. day session lower and near their daily lowsThursday. Both futures markets were poised to close at two-week low closestoday. A stronger U.S. dollar on this day and still-keen investor risk appetitearound the globe kept buyers of the safe-haven metals on the sidelines. April Comex gold futures were last down $8.80 an ounce at $1,316.90. May Comex silver was last down $0.127 at $16.41 an ounce.

Worldstock markets were mostly firmer today. U.S. stock indexes were higher atmidday. The world stock markets are presently looking past the potentially bigspeedbumps of a possible global trade war and perceived turmoil in the TrumpAdministration.

Reportstoday said the Trump administration is set to soon unveil more traderestrictions on China, after the U.S. has concluded China has been unfairlycoercing U.S. firms to transfer their technology to China for years. This couldbecome a major element in the world marketplace if the two largest worldeconomies engage in a tit-for-tat trade war.

Thekey “outside markets” on Thursday saw the U.S. dollar index higher. Trading inthe USDX has been choppy and sideways recently. Meantime, Nymex crude oil prices were modestly higher. The International Energy Agency said Wednesdaythat increasing world oil demand will offset the rise in U.S. shale-oilproduction, to keep the world supply and demand situation in balance.

Technically,Aprilgold futures prices closed near the session low today. The gold bulls andbears are back on a level overall near-term technical playing field amid recentchoppy trading. Gold bulls' next upside near-term price breakout objective isto produce a close above solid technical resistance at the March high of$1,342.00. Bears' next near-term downside price breakout objective is pushingprices below solid technical support at $1,300.00. First resistance is seen at$1,320.00 and then at $1,325.00. 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 the session low and closed at a two-week lowclose today. The silver bears have the overall near-term technical advantage.Silver bulls' next upside price breakout objective is closing prices abovesolid technical resistance at the March high of $16.895 an ounce. The nextdownside price breakout objective for the bears is closing prices below solidsupport at $16.00. First resistance is seen at today’s high of $16.58 and thenat this week’s high of $16.69. Next support is seen at last week’s low of$16.33 and then at the March low of $16.16. Wyckoff's Market Rating: 3.5.

MayN.Y. copper closed down 325 points at 312.55 cents today. Prices closed nearerthe session low today. The copper bulls have the overall near-term technicaladvantage. Copper bulls' next upside price objective is pushing and closingprices above solid technical resistance at 325.00 cents. The next downsideprice objective for the bears is closing prices below solid technical supportat the February low of 304.65 cents. First resistance is seen at today’s highof 316.60 cents and then at this week’s high of 319.20 cents. First support isseen at 310.00 cents and then at the March low of 305.55 cents. Wyckoff'sMarket Rating: 6.0.

By Jim Wyckoff

For Kitco News

Follow @jimwyckoffjwyckoff@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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