(Kitco News, Tues. April 18th, 2023) – Gold and silver prices are are solidly higher in midday U.S. trading Tuesday, on corrective bounces and some perceived value buying following recent selling pressure. A lower U.S. dollar index and a dip in U.S. Treasury yields on this day also favor the metals market bulls. June gold was last up $16.00 at $2,023.00 and May silver was up $0.262 at $25.355.
It’s not unusual for market bulls to get anxious as their market pauses, corrects, and does some backing and filling on the charts—amid an existing near-term price uptrend. It’s important to remember that healthy bull markets and price uptrends need to see downside corrections and pauses in order for the uptrend to be extended. Keep in mind that June gold futures prices are still around $156.00 above the close of $1,859.90 an ounce on the last trading day of 2022, on December 30.
Global stock markets were mixed to higher overnight. U.S. stock indexes are mixed at midday. The U.S. stock indexes are still in price uptrends on the daily bar charts and not far below their highs for this year. Risk aversion has receded the past couple weeks as the banking turmoil has simmered down.
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The key outside markets today see the U.S. dollar index lower. Nymex crude oil prices are firmer and trading around $81.25 a barrel. The benchmark 10-year U.S. Treasury note yield is presently fetching 3.576%.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically, June gold futures bulls have the solid overall near-term technical advantage. Prices are in a five-week-old uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the April high of $2,063.40. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at the April low of $1,965.90. First resistance is seen at this week’s high of $2,028.00 and then at $2,050.00. First support is seen at $2,000.00 and then at this week’s low of $1,993.40.
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
May silver futures bulls have the solid overall near-term technical advantage. Prices are in a steep five-week-old uptrend on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $27.00. 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 $25.71 and then at $26.00. Next support is seen at this week’s low of $24.92 and then at $24.695.
May N.Y. copper closed up 300 points at 409.60 cents today. Prices closed nearer the session high. 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 April low of 392.60 cents. First resistance is seen at this week’s high of 413.30 cents and then at the April high of 419.55 cents. First support is seen at 405.00 cents and then at 400.00 cents.
Posted by:
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com