(Kitco News) - Gold and silver prices ended the U.S. day session solidly lower Wednesday, with gold hitting a four-week bottom and silver a six-week low. Fully bearish “outside markets” were behind the selling pressure in the precious metals today, as the U.S. dollar index rallied sharply and crude oil prices were solidly lower and hit a five-week low. April Comex gold futures were last down $12.40 an ounce at $1,317.20. March Comex silver was last down $0.26 at $16.32 an ounce.
The the U.S. dollar index was higher on some more safe-haven demand today. Technical indicators are now starting to suggest the USDX has put in a near-term bottom. Meantime, Nymex crude oil prices were trading around $61.50 a barrel in afternoon dealings. The shaky world equity markets have prompted selling pressure in the crude oil markets. The daily chart for Nymex crude oil is now hinting the market has put in a near-term top.
World stock markets posted solid rebounds Wednesday, following the lead of the U.S. stock indexes Tuesday. U.S. stock indexes were mixed Wednesday afternoon, but the daily volatility was still high. Serious near-term technical damage has been inflicted on the U.S. stock indexes recently, to suggest more selling pressure in the near term. Despite the selling pressure seen in gold and silver recently, a bear market in equities would be a longer-term bullish development for the competing asset class of precious metals.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically, April gold futures prices closed the day session near the session. The gold bulls still have the slight overall near-term technical advantage, but have faded badly recently and need to show fresh power soon to keep it. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,350.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,300.00. First resistance is seen at $1,325.00 and then at today’s high of $1,334.80. First support is seen at $1,314.00 and then at $1,310.00. Wyckoff's Market Rating: 5.5
![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
March silver futures prices closed nearer the session low today and hit a six-week low. The silver bears have the firm overall near-term technical advantage and gained more power today. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $17.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the December low of $15.635. First resistance is seen at $16.50 and then at today’s high of $16.73. Next support is seen at today’s low of $16.21 and then at $16.00. Wyckoff's Market Rating: 3.0.
March N.Y. copper closed down 985 points at 309.05 cents today. Prices closed near the session low, hit a seven-week low and scored a big and bearish “outside day” down on the daily bar chart. The key “outside markets” were bearish for copper today as the U.S. dollar index was solidly higher and crude oil prices were solidly lower. The copper bulls still have the overall near-term technical advantage but faded today. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at this week’s high of 325.75 cents. The next downside price objective for the bears is closing prices below solid technical support at 300.00 cents. First resistance is seen at 315.00 cents and then at 318.00 cents. First support is seen at today’s low of 308.50 cents and then at 305.0 cents. Wyckoff's Market Rating: 6.0.
