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Gold prices are sharply up in midday U.S. trading Thursday, near the daily highs, and are closing in on the recent record highs. Silver prices are modestly higher. More technical buying is featured in both metals, amid bullish charts. June gold was last up $27.10 at $2,239.90. May silver was last up $0.198 at $24.95.
It was a very busy U.S. data release schedule Thursday, but none of the data contained big surprises and the markets showed no major reactions. U.S. markets are closed Friday for the Good Friday holiday but personal income and outlays, including PCE inflation data, will be released that day.
Today is the last U.S. trading day of the week, of the month and of the quarter, which makes it an important trading day from a technical chart perspective. Gold today is set to close at a very bullish weekly, monthly and quarterly high close today, as well as a record high close in futures markets.
U.S. stock indexes are mixed at midday. The U.S. stock indexes continue on a slow and steady rise and are near their recent record highs.
Federal Reserve Governor Christopher Waller said Wednesday recent stronger-than-expected U.S. inflation data is “disappointing” and said that he wants to see “at least a couple months of better inflation data” before cutting, Bloomberg reported. “In my view, it is appropriate to reduce the overall number of rate cuts or push them further into the future in response to the recent data,” Waller said.
The key outside markets today see the U.S. dollar index slightly higher but down from the daily high. Nymex crude oil prices are higher and trading around $82.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently fetching around 4.2%.
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Technically, the gold futures bulls have the solid overall near-term technical advantage. A five-week-old uptrend is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close in June futures above solid resistance at the contract high of $2,246.60. Bears' next near-term downside price objective is pushing futures prices below solid technical support at last week’s low of $2,170.80. First resistance is seen at the contract high of $2,246.60 and then at $2,250.00. First support is seen at today’s low of $2,207.50 and then at $2,200.00. Wyckoff's Market Rating: 9.0.
The silver bulls have the overall near-term technical advantage but have faded recently. Silver bulls' next upside price objective is closing May futures prices above solid technical resistance at last week’s high of
$25.975. 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 $25.055 and then at $25.50. Next support is seen at this week’s low of $24.445 and then at $24.22. Wyckoff's Market Rating: 6.0.
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Jim Wyckoff
