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(Kitco News) - Gold prices are solidly higher, near the daily high and hit a two-week high in early-afternoon U.S. trading Wednesday. Chart-based buying and bargain hunting are featured this week. A weaker U.S. dollar index on this day is also working in favor of the metals market bulls. The other key outside market today is also in a bullish posture for the metals and sees Nymex crude oil prices higher, hitting a four-month high and trading just above $58.00 a barrel. Another mild U.S. inflation report today was also bullish for the precious metals markets. April gold futures were last up $11.50 an ounce at $1,309.60. May Comex silver was last up $0.057 at $15.47 an ounce.

The U.S. economic data point of the day was the producer price index report for February, which came in at up 0.1% from January. The PPI was seen up 0.2% month-on-month. Tuesday’s U.S. consumer price index report was also very tame and did help to lift U.S. Treasury prices. Gold and silver prices were little-moved on the PPI report. Still, this week’s U.S. inflation reports work in favor of the metals bulls as they suggest the Federal Reserve can keep an easier monetary policy.

Asian and European stock markets were mixed overnight. U.S. stock indexes are higher in afternoon dealings. There are still no major geopolitical hotspots to roil the marketplace and dent the keener trader and investor risk appetite.

British lawmakers voted late Tuesday on another Brexit plan offered by Prime Minister Theresa May, but despite some last-minute concessions from the European Union, the U.K. Parliament voted down May’s plan. There may be another vote later today. The British pound was pressured on the no-vote news, even though such an outcome was expected by the marketplace. The U.K. is scheduled to leave the EU at month’s end.

Technically, the April gold bulls have the overall near-term technical advantage. Bulls’ next upside price objective is to produce a close in April futures above solid resistance at $1,330.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the March low of $1,280.80. First resistance is seen at $1,317.00 and then at $1,325.00. First support is seen at $1,300.00 and then at this week’s low of $1,290.60. Wyckoff's Market Rating: 6.5

May silver futures bulls have the overall near-term technical advantage. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $15.75 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at last week’s low of $14.985. First resistance is seen at the overnight high of $15.55 and then at $15.75. Next support is seen at Tuesday’s low of $15.31 and then at this week’s low of $15.225. Wyckoff's Market Rating: 6.0.

By Jim Wyckoff

For Kitco News

 jwyckoff@kitco.com

www.kitco.com