(Kitco News, Wed. April 5th,2023) – Gold prices are a bit firmer and silver slightly down in early U.S. trading Tuesday. Both metals hit 12-month highs overnight and are in a strong technical positions to suggest still more upside in the near term. April gold was last up $3.00 at $2,025.10 and May silver is down $0.20 at $24.895.
A standout feature in the marketplace this week is gold prices pushing above $2,000.00 an ounce and closing in on the record high of $2,078.80, scored in March of 2022. A weakening U.S. dollar index and a surge in crude oil prices this week have helped to rally the yellow metal. Safe-haven demand amid the banking turmoil in the U.S. and Europe are also boosting gold and silver. JP Morgan chief Jamie Dimon said in a report issued Tuesday that the banking crisis is not over.
Global stock markets were mixed to weaker overnight. U.S. stock indexes are pointed toward slightly lower openings when the New York day session begins. Trader and investor risk appetite has been dented at mid-week after some downbeat U.S. economic data released Tuesday, namely a JOLTS report that showed a decline in job openings and a weak factory orders report.
In overnight news, New Zealand’s central bank surprised the marketplace by raising its main interest rate by 0.5%.
The U.S. data point of the week is Friday’s U.S. employment situation report for March from the Labor Department. The key non-farm payrolls number is seen coming in at up 238,000, compared to a rise of 311,000 in the February report. The U.S. markets will have to wait until Monday to react to the data, as they are closed on Friday for the Easter holiday.
The key outside markets today see the U.S. dollar index slightly up after hitting a two-month low Tuesday. Nymex crude oil prices are firmer and trading around $80.50 a barrel. The benchmark 10-year U.S. Treasury note yield is presently fetching 3.365%.
U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the ADP national employment report, the U.S. international trade report, the U.S. services purchasing managers index (PMI), the ISM report on business services and the weekly DOE liquid energy stocks report.
Gold Price in US Dollars
Apr 05, 2023 10:39 NY Time
Bid
2,017.70
-2.00 (-0.10%)
Ask
2,018.70
Technically, the gold futures bulls have the strong overall near-term technical advantage. Prices are in an uptrend on the daily bar chart and at a 12-month high. Bulls’ next upside price objective is to produce a close in April futures above solid resistance at the record high of $2,078.80. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at this week’s low of $1,950.00. First resistance is seen at this week’s high of $2,035.00 and then at $2,050.00. First support is seen at $2,014.90 and then at $2,000.00. Wyckoff’s Market Rating: 8.5
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
The silver bulls have the solid overall near-term technical advantage as prices hit a 12-month high overnight. Prices are in a steep uptrend on the daily bar chart. Silver bulls’ next upside price objective is closing May futures prices above solid technical resistance at $27.00. The next downside price objective for the bears is closing prices below solid support at $23.00. First resistance is seen at the overnight high of $25.295 and then at $25.50. Next support is seen at $24.50 and then at $24.00
Posted by:
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com
jdemp2003@gmail.com