Gold, Silver Near Steady Amid Offsetting Market Forces
(Kitco News) - Goldand silver prices were ending the U.S. day session not far from unchangedlevels on the day. Both safe-haven metals saw some early selling pressure in thepresent environment of not much risk aversion in the marketplace. However, asell-off in the U.S. dollar index as Thursday’s trading day progressed was a bullishoutside market force supporting the precious metals. April Comex goldfutureswere last up $0.70 an ounce at $1,332.70. March Comex silver was last up $0.012at $16.605 an ounce.
Themarketplace has digested Wednesday afternoon’s FOMC minutes that saidstronger-than-expected U.S. economic growth in recent weeks is keeping theFederal Reserve on pace to keep gradually raising U.S. interest rates. Theminutes prompted choppy trading in the stock and currency markets, and pushedU.S. Treasury yields up. The FOMC minutes contained elements that could bedeemed as both hawkish and dovish on U.S. monetary policy.
Theother key outside market on Thursday saw Nymex crude oil prices higher andtrading just below $63.00 a barrel. The higher oil market today was also abullish element for the metals markets.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically,Aprilgold futures prices closed nearer the daily high. No serious chart damagehas been inflicted with this week’s downturn. The gold bulls still have theoverall near-term technical advantage, but need to show fresh power soon tokeep it. Gold bulls' next upside near-term price breakout objective is toproduce a close above solid technical resistance at the January high of$1,370.50. Bears' next near-term downside price breakout objective is pushingprices below solid technical support at the February low of $1,309.00. Firstresistance is seen at Wednesday’s high of $1,338.50 and then at $1,350.00.First support is seen at today’s low of $1,322.90 and then at $1,320.00.Wyckoff's Market Rating: 6.0
![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
March silver futures prices closed nearer the session high. The silver bears have theslight overall near-term technical advantage. Silver bulls' next upside pricebreakout objective is closing prices above solid technical resistance at $17.00an ounce. The next downside price breakout objective for the bears is closingprices below solid support at $16.00. First resistance is seen at this week’shigh of $16.745 and then at the February high of $16.95. Next support is seenat $16.50 and then at this week’s low of $16.34. Wyckoff's Market Rating: 4.5.
March N.Y. copper closed up 220 points at 323.80 cents today. Prices closed nearerthe session high and scored a bullish “outside day” up on the daily bar chart.The copper bulls have the firm overall near-term technical advantage. Copperbulls' next upside price objective is pushing and closing prices above solidtechnical resistance at the December high of 323.65 cents. The next downsideprice objective for the bears is closing prices below solid technical supportat the February low of 302.60 cents. First resistance is seen at this week’shigh of 324.60 cents and then at last week’s high of 327.20 cents. Firstsupport is seen 320.00 cents and then at today’s low of 315.35 cents. Wyckoff'sMarket Rating: 7.0.
By Jim Wyckoff
For 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.