Price gains for gold, silver amid bullish charts

(Kitco News, Fri. March 15th, 2024) – Gold and silver prices are higher in early U.S. trading Friday, with silver hitting a three-month high. Technical buying is featured to end the trading week, as the near-term price charts remain firmly bullish for both precious metals. A bullish pennant pattern has formed on the daily bar chart for April gold futures. Gold and silver bulls have shown resilience this week by sidestepping two U.S. inflation reports that came in warmer than expected. April gold was last up $5.80 at $2,173.30. May silver was last up $0.32 at $25.38.

U.S. inflation data this week that was warmer than expected has slightly dented general marketplace enthusiasm. The U.S. stock indexes are still trading near their recent record highs. However, U.S. Treasury yields have up-ticked this week. Bitcoin prices have late this week tumbled from the record high scored earlier this week. After the warmer U.S. CPI and PPI data this week, traders and investors late this week are a bit more concerned the Federal Reserve may not be able to cut U.S. interest rates as soon as they have recently suggested.

Asian and European stock markets were mixed in overnight trading. U.S. stock index futures are set to open slightly higher when the New York day session begins.

In overnight news, China’s central bank kept its interest rates steady after a monetary policy meeting.

The key outside markets today see the U.S. dollar index near steady after posting solid gains Thursday. Nymex crude oil prices are weaker and trading around $80.75 a barrel. Oil prices Thursday hit a 4.5-month high. The yield on the benchmark 10-year U.S. Treasury note is presently fetching 4.285%.

U.S. economic reports due out Friday include the Empire State manufacturing survey, import and export prices, industrial production and capacity utilization, and the University of Michigan consumer sentiment survey.

Technically, the gold futures bulls have the solid overall near-term technical advantage. A steep four-week-old uptrend is in place on the daily bar chart. A bullish pennant pattern has also formed on the daily bar chart. Bulls’ next upside price objective is to produce a close in April futures above solid resistance at $2,250.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $2,100.00. First resistance is seen at Thursday’s high of $2,181.30 and then at $2,190.80. First support is seen at the overnight low of $2,164.40 and then at this week’s low of $2,156.20.

Posted by:

Jack Dempsey, President

401 Gold Consultants LLC

jdemp2003@gmail.com