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Gold, silver pull back on profit taking and as USDX rebounds

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(Kikko News)- Money Prices are on the decline, with silver falling significantly from its daily high in US trading on Thursday at noon. Taking profits from short-term futures traders is marked by both metals after gold hits a nine-month high and silver hits his four-week high overnight. Today’s rebound in the US dollar index after Wednesday’s plunge is also an element of the bearish external markets in precious metals. Still, both gold and silver are firmly under technical control in the short term. april gold Silver rose $0.036 to $23.65 in March.

Thursday’s markets were still digesting Wednesday afternoon’s FOMC statement and Fed Chairman Jerome Powell’s press conference. As widely expected, the Fed raised the Fed Funds rate range by 0.25%. But Powell’s press remarks led the market to believe the Fed was trying to put an end to its string of rate hikes. Fed Chair Powell said inflation was down but needed to come down further. He referred to the term “disinflation” as characterizing the current US economic situation. In the final assessment, most agree Powell is not as hawkish as his recent FOMC press conference, and sooner or later he will leave the door open to the Fed’s ‘pivot’. Did.

Today, the European Central Bank and the Bank of England raised key interest rates by 0.5% at their regular monetary policy meetings. The move was not unexpected.

The focus now turns to the US Jobs Situation Report for January, released by the Labor Department on Friday morning. Key nonfarm payrolls are expected to rise by 187,000 jobs, following his 223,000 increase in the December report.

In major international markets today, the US dollar index is rising, but last night it hit a nine-month low. Nymex crude futures prices are somewhat firm, trading around $76.50 a barrel. Meanwhile, the benchmark 10-year US Treasury bond currently yields 3.365%.

Technically, April gold futures prices hit a nine-month high earlier today before reversing course to record a bearish ‘outside day’ on the daily chart. The bulls still have a solid short-term technical advantage overall. An uptrend for the first time in three months appears on the daily chart. The next upside price target for the bulls is to make a close above the solid resistance at $2,000.00. The Bears’ next short-term downside price target is to push the futures price below the solid technical support of $1,900.00. The first resistance is at $1,950.00, followed by today’s high of $1,975.20. The first support is at $1,925.00, followed by the week’s low of $1,915.50. Wyckoff Market Rating: 8.0

24 Hour Live Silver Chart [ Kitco Inc. ]

Silver futures prices for March hit a four-week high earlier today. The silver bull has a short-term overall technical advantage. However, trading was choppy and leveled off at high levels. The Silver Bulls’ next bullish target is a close above his January high of $24.775, which is a solid technical resistance. The next downside target for the bears is a close below the solid support of $22.00. The first resistance is at $24.00, followed by last week’s high of $24.415. The next supports are the week lows of $23.05 and the January lows of $22.845. Wyckoff Market Rating: 6.5.

March’s NY copper today closed 35 points lower at 410.75 cents. The price closed close to session lows and today he hit a three-week low. The copper bulls have a solid overall technical advantage in the short term, albeit a bit weaker. His first uptrend in four months on the daily chart has stalled. The next upside price target for the copper bulls is to break above the January high of 435.50 cents solid technical resistance and push the price higher to a close. The next downside target for the bears is a close below solid technical support at 395.00 cents. First resistance is seen at 420.00 cents, followed by the week’s high of 424.90 cents. First support is at this week’s low of 410.25 cents, followed by 405.00 cents. Wyckoff Market Rating: 7.0.

Disclaimer: The views expressed in this article are those of the author and may not reflect the views of the author Kikko Metals Co., Ltd. The author has made every effort to ensure the accuracy of the information provided. However, neither Kitco Metals Inc. nor the authors can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation of an exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the authors of this article accept no liability for loss and/or damage resulting from the use of this publication.

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