(Kitco News, Thurs. March 30th, 2023) – Gold and silver prices are higher, with and silver hitting a two-month high, in midday U.S. trading Thursday. Bullish technical charts are fueling speculative buying interest in the two precious metals. A depreciating U.S. dollar on the foreign exchange market is also working in favor of the metals market bulls. April gold was last up $9.40 at $1,976.30 and May silver was up $0.414 at $23.89.

Global stock markets were mixed to higher overnight. U.S. stock indexes are firmer at midday. Stock market bulls around the globe are regaining confidence. The marketplace is slowly moving beyond the U.S. and European banking troubles. However, it’s too soon for the “all clear” siren regarding the matter. And now attention is turning to the health of major insurance companies. Reads a Wall Street Journal headline today: “Threat of a slow-boil bank crisis endures.”

The U.S. data point of the week is Friday’s personal consumption and expenditures (PCE) data that will provide fresh clues on inflation and whether the U.S. economy is headed toward recession. It’s been said the PCE data is a favorite gauge of inflation for the Federal Reserve.

Fed’s ‘Emergency rate cut’ by June to precede ‘controlled implosion’ of banking sector, only 6 banks left as CBDCs rolled out by 2025 – Edward Dowd

The key outside markets today see the U.S. dollar index weaker and trending lower. Nymex crude oil futures prices are higher and trading around $74.25 a barrel. The benchmark 10-year U.S. Treasury note yield is presently fetching 3.572%.

Technically, April gold futures bulls have the solid overall near-term technical advantage. Prices are still in an uptrend on the daily bar chart. A bullish symmetrical triangle pattern has developed on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the March high of $2,014.90. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,900.00. First resistance is seen at this week’s high of $1,984.00 and then at $2,000.00. First support is seen at today’s low of $1,954.90 and then at this week’s low of $1,945.00. Wyckoff’s Market Rating: 7.5

May silver futures prices hit a two-month high today. The silver bulls have the solid overall near-term technical advantage. Prices are in a steep uptrend on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $25.00. The next downside price objective for the bears is closing prices below solid support at $22.50. First resistance is seen at today’s high of $24.10 and then at $24.50. Next support is seen at today’s low of $23.37 and then at this week’s low of $22.96. Wyckoff’s Market Rating: 7.5.

May N.Y. copper closed up 10 points at 408.75 cents today. Prices closed near mid-range today. The copper bulls have the overall near-term technical advantage. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at the January high of 435.90 cents. The next downside price objective for the bears is closing prices below solid technical support at the March low of 382.20 cents. First resistance is seen at last week’s high of 414.85 cents and then at the March high of 417.85 cents. First support is seen at this week’s low of 402.35 cents and then at 400.00 cents.

Posted by:

Jack Dempsey, President

401 Gold Consultants LLC

jdemp2003@gmail.com