AM-PM Roundup
Price gains in gold, silver amid friendly outside markets
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Kitco News ) – Gold and silver prices are higher in early U.S.trading Thursday, lifted by bullish outside market forces on this day that include a dip in U.S.Treasury yields and higher crude oil prices.A sell off in crypto currencies late this week is also likely benefiting the gold and silver market bulls.[June gold futures](/finance/futures/details.html?j1_module=futureDetail&popup=1&j1_symbol=GCM22) [were last up $13.40 at $1,936.30 and](/finance/futures/details.html?j1_module=futureDetail&popup=1&j1_symbol=GCJ22) [May Comex silver](/finance/futures/details.html?j1_module=futureDetail&popup=1&j1_symbol=SIK22) [was last up $0.177 at $24.63 an ounce.](/finance/futures/details.html?j1_module=futureDetail&popup=1&j1_symbol=SIH22)
Global stocks markets were mixed overnight.The U.S.
stock indexes are pointed toward slightly higher openings when the New York day session begins.A feature in the marketplace late this week is Nymex crude oil futures prices that dropped sharply on Wednesday and are presently trading below $100 a barrel.That has put just a bit of risk appetite back into a still very uncertain global marketplace amid the Russia-Ukraine war.Nymex crude oil prices are higher today and presently trading around $98.00 a barrel.
Federal Reserve FOMC meeting minutes released Wednesday afternoon were hawkish in tone, but typically dovish Fed governor Lael Brainard on Tuesday somewhat pre-empted the FOMC minutes by sounding aggressively hawkish on U.S.monetary policy and the inflation fight.U.S.Treasury yields are rising again and this week hit a three-year high.
Treasury yields are very likely headed still higher in the coming weeks, or longer.There’s an old trading adage that says anytime a trade seems like a “no-brainer” the trader needs to be extra beware.This longtime market watcher believes there is one futures trade at present that is an exception to that old maxim: selling U.S.Treasury bond and note futures.U.S.Treasury prices fall as yields rise.The benchmark 10-year U.S.
Treasury note yield is presently fetching 2.585%.
[World is ‘on the cusp of new inflationary era’ and adjustment to higher rates won’t be easy, warns BIS]
Meantime, the U.S.dollar index is slightly lower early today and hit a nearly two-year high overnight.Greenback bulls remain very strong, technically and fundamentally.
Crypto currencies are under pressure late this week, due in part to news the U.S.
Treasury is set to call for more oversight regulation of the cryptos.
U.S.economic data due for release Thursday includes the weekly jobless claims report, the monthly chain store sales index and consumer credit.
Technically, the June gold futures bulls have the overall near-term technical advantage.Bulls’ next upside price objective is to produce a close in April futures above major resistance at $2,000.00.Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,850.00.First resistance is seen at $1,940.00 and then at $1,950.00.First support is seen at the overnight low of $1,923.30 and then at this week’s low of $1,916.20.Wyckoff’s Market Rating: 6.0
May silver futures bulls have the slight overall near-term technical advantage but need to show fresh power soon to keep it.Silver bulls’ next upside price objective is closing prices above solid technical resistance at $25.50 an ounce.
The next downside price objective for the bears is closing prices below solid support at the March low of $24.045.First resistance is seen at Wednesday’s high of $24.68 and then at $25.00.Next support is seen at this week’s low of $24.20 and then at $24.045.
Wyckoff’s Market Rating: 5.5..
