(Kitco News) - Gold and silver prices are moderately lower in early-afternoon U.S. trading Wednesday. Some more profit-taking pressure from the shorter-term futures traders was featured today. A firmer U.S. dollar index was also a bit negative for the precious metals on this day. April gold futures were last down $6.60 an ounce at $1,322.10. May Comex silver was last down $0.157 at $15.67 an ounce.
The safe-haven metals market bulls are closely monitoring a geopolitical development that also has the attention of the world marketplace. India and Pakistan have exchanged military strikes on each other the past two days. India bombed what it said was a terrorist camp in Pakistan, with Pakistan then retaliating by shooting down two Indian war planes, reports said. This news has Asian stock and financial markets on edge. Any escalation of this situation would prompt safe-haven demand for gold and silver.
Despite the India-Pakistan flare-up, general trader and investor attitudes are upbeat, evidenced by U.S. stock indexes that this week hit three-month highs.
Brexit concerns still have European traders just slightly worried, but it appears Prime Minister Theresa May and Parliament have agreed to extend the Brexit deadline past late-March if a deal on the U.K. exiting the European Union is not reached.
In another sign of the low inflation expectations in the world marketplace at present, the German government today auctioned its 10-year bonds (bunds) for an average yield of just 0.12%. That’s the lowest level in nearly 2.5 years. Very low inflation is the enemy of raw commodity market bulls, including precious metals.
The other key outside market today sees Nymex crude oil prices higher and trading just above $57.00 a barrel.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically, April gold futures prices closed nearer the session low. The bulls still have the overall near-term technical advantage. There are still no early chart clues that a market top is close at hand. A 3.5-month-old price uptrend is still in place on the daily bar chart. 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 the February low of $1,304.70. First resistance is seen at this week’s high of $1,334.90 and then at $1,340.00. First support is seen at today’s low of $1,318.40 and then at $1,310.00. Wyckoff's Market Rating: 6.5
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
May silver futures prices closed near the session low and scored a bearish “outside day” down on the daily bar chart today. The silver bulls still have the overall near-term technical advantage. However, more selling pressure in the near term would see a bearish double-top reversal pattern develop. Prices are still in a 3.5-month-old price uptrend on the daily bar chart. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at last week’s high of $16.295 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the February low of $15.545. First resistance is seen at $16.00 and then at this week’s high of $16.06. Next support is seen at today’s low of $15.735 and then at $15.545. Wyckoff's Market Rating: 6.0.
May N.Y. copper closed up 135 points at 296.35 cents today. Prices closed nearer the session high and closed at another eight-month high close today. The copper bulls have the overall near-term technical advantage. Prices have been trending higher for two months. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 300.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 275.00 cents. First resistance is seen at this week’s high of 297.75 cents and then at 300.00 cents. First support is seen at today’s low of 293.45 cents and then at 290.00 cents. Wyckoff's Market Rating: 6.5.
