(Kitco News) - Gold prices ended the U.S. day session near steady Wednesday, on technical consolidation after posting solid gains Tuesday. Meantime, silver continued its upside assault and hit another 10.5-month high. June Comex gold was last up $0.20 at $1,254.50 an ounce. May Comex silver was last up $0.178 at $17.15 an ounce.
A strong rebound in crude oil prices Wednesday, after a lower start, added to the bullish sentiment in the precious metals markets today. Nymex crude oil futures hit a high of $42.51 as of early Wednesday afternoon. The other key “outside market” saw the U.S. dollar index higher Wednesday, on a corrective bounce from selling pressure in the index seen earlier this week.
World stock markets were mostly weaker Wednesday. China’s stock market closed sharply lower Wednesday, but well up from the daily spike low that spooked Asian market watchers. At one time, China’s Shanghai index was down 4.5% on the day, and ended the session down 2.3%. There was no single factor attributed to the sharp sell- off in the Shanghai index. U.S. stock indexes were slightly higher Wednesday afternoon.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Traders and investors are looking ahead to Thursday’s regular meeting of the European Central Bank. Many believe the ECB is, at some point down the road, prepared to initiate further monetary policy stimulus measures, following last month’s easing moves. However, most do not expect Thursday’s meeting to produce any major, new initiatives.
Technically, June gold futures prices closed near mid-range. The gold bulls have the firm overall near-term technical advantage and have regained upside momentum at mid-week. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the April high of $1,264.70. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at last week’s low of 1,225.40. First resistance is seen at today’s high of $1,259.80 and then at $1,264.70. First support is seen at today’s low of $1,247.10 and then at $1,240.00. Wyckoff’s Market Rating: 7.0
May silver futures prices closed nearer the session high today and hit a 10.5-month high. The silver market bulls have the firm overall near-term technical advantage. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $18.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $16.395. First resistance is seen at today’s high of $17.255 and then at $17.50. Next support is seen at today’s low of $16.855 and then at $16.50. Wyckoff's Market Rating: 7.0.
![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
May N.Y. copper closed up 115 points at 223.50 cents today. Prices closed nearer the session high and hit a three-week high today. The copper bulls and bears are now back on a level overall near-term technical playing field. Copper bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at the March high of 232.35 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the April low of 219.35 cents. First resistance is seen at today’s high of 224.20 cents and then at 225.00 cents. First support is seen at today’s low of 219.35 cents and then at 217.50 cents. Wyckoff's Market Rating: 5.0.
By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
