(Kitco News) – Gold prices are posting double-digit gains in early U.S. trading Wednesday, supported by a fully bullish technical posture that is prompting chart-based speculators to play the long side of the market. Silver prices are slightly up early today. April gold was last up $17.50 at $2,194.70. May silver was last up $0.097 at $24.72.
It was a quieter trading affair overnight and U.S. data releases at mid-week are light. However, it’s a very busy U.S. data release schedule Thursday, including U.S. Q4 GDP data as well as a major USDA crop planting intentions report. U.S. markets are closed Friday for the Good Friday holiday but personal income and outlays, including PCE inflation data, will be released that day.
Asian and European stock indexes were mixed overnight. U.S. stock indexes are pointed toward firmer openings when the New York day session begins.
The key outside markets today see the U.S. dollar index near steady. Nymex crude oil prices are a bit weaker and trading around $81.00 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently fetching 4.23%.
U.S. economic reports due for release Wednesday includes the weekly MBA mortgage applications survey and the weekly DOE liquid energy stocks report.
Technically, the gold futures bulls have the solid overall near-term technical advantage. A five-week-old uptrend is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close in April futures above solid resistance at the record high of $2,225.30. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at last week’s low of $2,149.20. First resistance is seen at $2,203.00 and then at the contract high of $2,225.30. First support is seen at the overnight low of $2,172.10 and then at this week’s low of $2,164.40. Wyckoff’s Market Rating: 8.0.
The silver bulls have the overall near-term technical advantage but have faded recently. Silver bulls’ next upside price objective is closing May futures prices above solid technical resistance at last week’s high of $25.975. The next downside price objective for the bears is closing prices below solid support at $23.50. First resistance is seen at this week’s high of $25.055 and then at $25.50. Next support is seen at the overnight low of $24.445 and then at $24.22. Wyckoff’s Market Rating: 6.0.
(Hey! My “Markets Front Burner” weekly email report is my best writing and analysis, I think, because I get to look ahead at the marketplace and do some market price forecasting. Plus, I’ll throw in an educational feature
to move you up the ladder of trading/investing success. And it’s free! Email me at jim@jimwyckoff.com and I’ll add your email address to my Front Burner list.)
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.
Credit: Source link