Gold, Silver Markets Pause In Quieter Marketplace
(Kitco News) - Goldand silver pricesare trading near steady levels in a generally quietermarketplace early Friday morning. Potential buyers of the safe-haven metals aretimid at present amid the recent lack of risk aversion among traders andinvestors. April Comex gold futures were last down $0.60 an ounce at $1,332.10.March Comex silver was last down $0.017 at $16.57 an ounce.
Worldstock markets were mixed in quieter trading overnight. U.S. stock indexes arepointed to firmer openings when the New York day session begins. If volatilityheats up in the U.S. stock market today, on the downside, then gold and silvercould see safe-haven demand pick up quickly.
Inovernight news, the Euro zone consumer price index was reported up 0.9% inJanuary from December and up 1.3% year-on-year. The numbers were right in linewith market expectations.
Thekey outside markets on Friday morning see the U.S. dollar index higher. Tradingin the greenback has been choppy this week, but favoring the upside for thedollar index. Nymex crude oil prices are near steady and trading just below $63.00a barrel. Oil prices have rebounded this week to suggest a challenge of therecent highs.
Thereis no major U.S. economic data due for release Friday.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically,Aprilgold futures have seen no serious chart damage inflicted this week.However, more selling pressure in the near term would produce some significanttechnical damage. The gold bulls still have the overall near-term technicaladvantage. 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 the February low of $1,309.00. First resistance is seen at$1,338.50 and then at $1,350.00. First support is seen at today's low of $1,327.70and then at this week's low of $1,322.90. Wyckoff's Market Rating: 6.0
![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
March silver futures bears have the slight overall near-term technical advantage.Silver bulls' next upside price breakout objective is closing prices abovesolid technical resistance at $17.00 an ounce. The next downside price breakoutobjective for the bears is closing prices below solid support at $16.00. Firstresistance is seen at this week's high of $16.745 and then at last week's highof $16.95. Next support is seen at this week's low of $16.34 and then at the Februarylow of $16.13. Wyckoff's Market Rating: 4.5.
By Jim WyckoffFor Kitco News
Follow @jimwyckoff
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.