Gold, Silver up but well below daily highs; US CPI expected

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(Kitco News) – Prayed Y silver prices are posting modest gains in midday US stocks on Monday, but prices have pulled back a lot from their early session highs due to some profit-taking by short-term futures traders, and in amid rising bond yields and a sell-off in the crude oil market. Gold prices hit a four-week high earlier today. Still, metals are seeing some safe-haven demand on concerns that inflation will become even more of a problem in the coming months. June gold futures rose $6.80 to $1,952.30 and May Comex silver rose $0.267 to $25.09 an ounce.

Global stock markets were mixed overnight. US stock indices are lower at midday. The war between Russia and Ukraine is in its seventh week with no sign of a ceasefire. The Covid pandemic continues to escalate in China, which has once again dampened the growth prospects of the world’s second largest economy. Inflation concerns are also at the forefront of the market. The US data point of the week comes on Tuesday with the March consumer price index report, which is expected to rise 8.4% yoy. It’s a short trading week as the US and other world markets are closed on Friday for the Good Friday holiday.



Nymex crude oil futures prices are solidly lower today and are trading around $94.50 per barrel. The US dollar index is higher today. The yield on the 10-year US Treasury note is currently at 2.771% and hit a three-year high.

There was no major US economic data released on Monday.

24 hour live gold chart [Kitco Inc.]

Technically, April gold futures prices hit a four-week high earlier today. The bulls have the overall short-term technical advantage. The Bulls’ next bullish price objective is to produce a close above solid resistance at $2,000.00. The bears’ next short-term downside price objective is to push futures prices below solid technical support at the March low of $1,893.20. The first resistance is seen at today’s high of $1,974.60 and then at $2,000.00. First support is seen at today’s low of $1,942.90 and then Friday’s low of $1,930.40. Wyckoff Market Rating: 6.5

24 hour live silver chart [ Kitco Inc. ]

Let silver futures bulls have the overall short-term technical advantage. A four-week downtrend line has been negated on the daily bar chart. The next bullish price objective for the Silver Bulls is to close prices above solid technical resistance at $26.16 an ounce. The next downside price objective for the bears is to close prices below solid support at the March low of $24,045. The first resistance is seen at today’s high of $25.60 and then at $25.80. Next support is seen at today’s low of $24.795 and then $24.50. Wyckoff Market Rating: 6.0.

May NY copper closed today down 895 points at 463.50 cents. Prices closed near today’s session low. Copper bulls still have a slight overall short-term technical advantage. The next upside price objective for copper bulls is to push and close prices above solid technical resistance at the April high of 486.00 cents. The next downside price objective for the bears is to close prices below solid technical support at the March low of 446.85 cents. First resistance is seen at 470.00 cents and then Friday’s high of 476.55 cents. First support is seen at 460.00 cents and then 455.00 cents. Wyckoff Market Rating: 5.5.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has gone to great lengths to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for loss and/or damage arising from the use of this publication.

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