(Kitco News) - Gold prices ended the U.S. day session with good gains and scored a three-week high Tuesday. Safe-haven demand amid a big sell-off in the U.S. stock market and a sharply lower U.S. dollar index on this day boosted the yellow metal. April Comex goldwas last up $11.70 an ounce at $1,245.60. May Comex silver was last up $0.132 at $17.57 an ounce.
Gold prices were trading steady to lower at the beginning of the U.S. session. However, when U.S. stock indexes started to slide lower and the U.S. dollar index also sold off, the safe-haven gold market started to rally. The U.S. stock market has seen record highs scored recently and is overdue for at least a sizable pullback after its big bull run since early November. If the U.S. stock market does embark on a significant downside corrective move, the gold market would benefit appreciably.
The U.S. dollar index hit a six-week low Tuesday. The greenback bears have technical momentum on their side to suggest more selling pressure this week. Such would also be a bullish element for the precious metals markets.
Meantime, Nymex crude oil prices were lower today amid the bearish specter of growing world oil supplies, including a significant ramp up in U.S. shale oil production. The crude oil bears have the firm near-term technical advantage following the recent steep downdraft in prices. If oil prices continue to slide, the raw commodity markets, including precious metals, will at least be dented.
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![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically, April gold futures prices closed near the session high today, hit a three-week high and scored a bullish “outside day” up on the daily bar chart. The gold bulls and bears are now back on a level near-term technical playing field but the bulls have momentum on their side. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at the February high of $1,264.90. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,217.50. First resistance is seen at $1,250.00 and then at $1,260.00. First support is seen at $1,240.00 and then at $1,230.00. Wyckoff's Market Rating: 5.0
![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
May silver futures prices closed nearer the session high, hit a two-week high and scored a bullish “outside day” up on the daily bar chart. While the silver market bears still have the overall near-term technical advantage, the recent rebound suggests a near-term market bottom is in place and that prices can trend at least sideways in the near term. 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 $16.50. First resistance is seen at $17.82 and then at $18.00. Next support is seen at today’s low of $17.34 and then at $17.23. Wyckoff's Market Rating: 4.0.
May N.Y. copper closed down 525 points at 261.50 cents today. Prices closed nearer the session low today. The copper bulls have lost their overall near-term technical advantage. Prices are in a five-week-old downtrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 272.50 cents. The next downside price objective for the bears is closing prices below solid technical support at the March low of 255.85 cents. First resistance is seen at today’s high of 266.05 cents and then at this week’s high of 270.00 cents. First support is seen at 260.00 and then at 265.85 cents. Wyckoff's Market Rating: 5.0.
