(Kitco News) - Gold prices ended the U.S. day session solidly lower Thursday, on follow-through pressure from Wednesday’s losses. A rebound in the U.S. dollar index the past two days was also a bearish element for the precious metals markets, as is the improved risk appetite in the world marketplace at present. June Comex gold was last down $20.20 at $1,228.10 an ounce. May Comex silver was last down $0.135 at $16.195 an ounce.
World stock markets were mixed to Thursday. U.S. stock indexes were firmer in afternoon dealings. Focus of equities traders is on first-quarter corporate earnings reports. The overall tenor of world stock market participants at present is upbeat, which is taking away buying interest in safe-haven gold. Stocks in Japan posted solid gains Thursday after a Bank of Japan official said the BOJ will “not hesitate to take additional (monetary policy) easing measures” if needed.
The Bank of England left its monetary policy unchanged at the regular meeting held Thursday. No change in BOE policy was expected by the marketplace.
China’s monetary authorities on Thursday again weakened its yuan currency against the U.S. dollar—by the largest one-day depreciation since January. Singapore monetary officials also worked to depreciate its currency. These moves have helped push the U.S. dollar index higher on a continued corrective bounce after the index hit an eight-month low Tuesday. The dollar index remains in a price downtrend and the bears still have the overall near-term technical advantage.
The other key “outside market” saw Nymex crude oil prices slightly higher Thursday afternoon and trading near $42.00 a barrel. A major oil-producers’ meeting is scheduled for Sunday in Doha, Qatar, at which time participants will discuss limiting their production levels. There were reports Wednesday the Saudi oil minister said his nation won’t cut back on crude oil production.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
A major economic data point on Friday will be the Chinese gross domestic product report, which is likely to impact world markets.
Technically, June gold futures prices closed near the session low. The bulls are fading and need to show fresh power soon. Gold bulls still have the overall near-term technical advantage. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at this week’s high of $1,264.70. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the March low of 1,207.70. First resistance is seen at $1,240.00 and then at today’s high of $1,245.90. First support is seen at $1,225.00 and then at $1,220.00. Wyckoff’s Market Rating: 6.0
May silver futures prices closed nearer the session high today on mild profit taking. Prices Wednesday hit a 5.5-month high. The silver market bulls have the overall near-term technical advantage. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $16.37 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at this week’s low of $15.37. First resistance is seen at $16.37 and then at $16.50. Next support is seen at today’s low of $15.925 and then at $15.80. Wyckoff's Market Rating: 6.5.
May N.Y. copper closed up 30 points at 217.10 cents today. Prices closed nearer the session high. The copper bears have the overall near-term technical advantage. Copper bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at 225.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 205.00 cents. First resistance is seen at this week’s high of 218.00 cents and then at 220.00 cents. First support is seen at today’s low of 214.05 cents and then at 212.50 cents. Wyckoff's Market Rating: 3.5.
By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
