(Kitco News) – Gold prices are a bit weaker on some routine profit taking and chart consolidation after the market hit a 13-month high on Thursday and is closing in on the record high of $2,078.80, basis nearby Comex futures. Silver prices are firmer and hit another 13-month high overnight. The technically powerful gold and silver bulls will be looking to buy the dips. June gold was last down $7.60 at $2,047.50 andMay silver is up $0.165 at $26.095.

The U.S. data point of the day will be the March retail sales report, seen coming in at down 0.5%, versus a decline of 0.4% in the February report.

Global stock markets were mostly higher overnight. U.S. stock indexes are pointed toward weaker openings when the New York day session begins. The U.S. stock indexes are still in price uptrends on the daily bar charts.

All-time gold price high in view as US dollar weakens, inflation cools

In overnight news, the International Energy Agency said global crude oil demand will outstrip supply this quarter, following OPEC’s recent surprise move to cut its collective oil production.

The key outside markets today see the U.S. dollar index lower and hitting a 2.5-month low. Nymex crude oil prices are a bit firmer and trading around $82.50 a barrel. The benchmark 10-year U.S. Treasury note yield is presently fetching 3.435%.

U.S. economic data due for release Friday includes retail sales, import and export prices, industrial production and capacity utilization, manufacturing and trade inventories, and the University of Michigan consumer sentiment survey.

Technically, the gold futures bulls have the solid overall near-term technical advantage. Prices are in an uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close in June futures above solid resistance at the record high of $2,078.80, basis nearby futures. 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 $2,063.40 and then at the record high of $2,078.80, basis nearby Comex futures. First support is seen at Thursday’s low of $2,028.30 and then at Wednesday’s low of $2,015.70.

The silver bulls have the solid overall near-term technical advantage. Prices hit a 13-month high overnight and 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 $27.50. The next downside price objective for the bears is closing prices below solid support at $23.50. First resistance is seen at the overnight high of $26.235 and then at $26.50. Next support is seen at Thursday’s low of $25.515 and then at Wednesday’s low of $25.175.

Posted by:

Jack Dempsey, President

401 Gold Consultants LLC

jdemp2003@gmail.com