Gold, Silver Near Steady Ahead Of Busy U.S. Economic Reports Day

(Kitco News) - Gold andsilver markets are near steady levels in early U.S. trading Thursday. Themarkets are pausing ahead of a heavy slate of U.S. economic data due forrelease. April Comex gold futures were last down $0.10 an ounce at $1,342.90.March Comex silver was last down $0.04 at $17.195 an ounce.

U.S.economic data due for release Thursday includes the weekly jobless claimsreport, the Challenger job cuts report, the productivity and costs report, theU.S. manufacturing PMI, the ISM manufacturing report on business, constructionspending, the global manufacturing PMI, and domestic auto industry sales.

Still,traders and investors are also looking ahead to Friday morning’s monthly U.S.employment situation report from the Labor Department. This is arguably themost important U.S. data point of the month. The key non-farm payrolls numberconsensus forecast comes in at up 177,000.

Worldstock markets were mixed but mostly firmer overnight. U.S. stock indexes arepointed toward narrowly mixed openings when the New York day session begins.

Tradersand investors are still digesting the Federal Open Market Committee (FOMC)meeting that concluded Wednesday afternoon with a statement that made nochanges in U.S. monetary policy. None were expected. The statement said theU.S. economy is gaining strength, to also suggest rising inflation. The marketread the report as neutral to maybe just slightly hawkish. Gold prices ralliedmoderately in the wake of the FOMC statement, but other markets saw littlereaction. That was Fed Chair Janet Yellen’s last FOMC meeting.

Thekey “outside markets” on Thursday morning see the U.S. dollar index slightly lower.Meantime, Nymex crude oil prices are higher and trading just above $65.00 abarrel.

Technically,Aprilgold futures bulls still have the overall near-term technical advantage.Prices are still in a six-week-old uptrend on the daily bar chart, but thebulls need to show more power soon to keep it in place. Bulls’ next upsidetechnical objective is pushing and closing prices above chart resistance at theJanuary high of $1,370.50. Bears' next near-term downside price breakoutobjective is closing prices below solid technical support at $1,320.00. First supportis seen at this week’s low of $1,335.50 and then at $1,330.00. First resistanceis seen at $1,350.00 and then at this week’s high of $1,356.30. Wyckoff’s MarketRating: 6.5

Marchsilver bulls have the overall near-term technical advantage. A choppy,six-week-old price uptrend is in place on the daily bar chart. The next upsideprice breakout objective is closing futures prices above solid technicalresistance at $18.00 an ounce. The next downside price breakout objective forthe bears is closing prices below solid support at the January low of $16.735. Firstresistance is seen at today’s high of $17.375 and then at this week’s high of $17.47.Next support is seen at this week’s low of $17.04 and then at $17.00. 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.

Global trade tensions ease and inflation continues to decline

Gold stocks down as metal slumps and equities rise

Big Gold has another strong quarter, but some signs growth cooling

Gold stocks nearly regain highs on rising metal price

Gold stocks down as risk on move continues