(Kitco News) - Gold and silver prices are modestly down in early-afternoon U.S. trading Wednesday. Some mild profit-taking pressure from recent gains and a firmer U.S. dollar index on this day helped to pressure the precious metals markets. Still, losses were limited today by some safe-haven buying interest amid a bit more risk aversion in the world marketplace at mid-week. April gold futures were last down $3.50 an ounce at $1,311.50. May Comex silver was last down $0.114 at $15.315 an ounce.
Asian and European stock indexes were mostly down overnight. U.S. stock indexes are weaker at midday today. There is some elevated risk aversion in the world marketplace at mid-week, mainly due to worries about slowing global economic growth.
The German government today auctioned its 10-year note (bund) for an average yield of -0.05% versus a yield of 0.12% for bunds auctioned on Feb. 27, and the first negative yield since 2016. A feature in the marketplace recently has been falling government bond yields in the major industrialized countries. U.S. Treasury yields briefly inverted last week when the short-term 3-month note yield moved above the 10-year note yield. Today, U.S. T-Bond and T-Note futures prices hit contract highs.
There was more weak economic data coming out of China today, as its industrial profits for the first two months of this year dropped by 14%--the biggest drop since 2011. Lower factory gate prices and lower sales were blamed. U.S. tariffs on China’s imports into the U.S. are also likely to blame. The U.S. and China continue high-level trade negotiations beginning Thursday.
The other key outside market today sees Nymex crude oil prices are weaker and trading around $59.50 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 firm overall near-term technical advantage. A three-week-old uptrend is 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 $1,331.10. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,300.00. First resistance is seen at today’s high of $1,318.80 and then at this week’s high of $1,324.50. First support is seen at today’s low of $1,308.10 and then at $1,305.00. Wyckoff's Market Rating: 7.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
May silver futures prices closed nearer the session low on some more profit taking from recent gains. The silver bulls have the overall near-term technical advantage. Prices are in a three-week-old uptrend on the daily bar chart. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $16.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the March low of $14.985. First resistance is seen at today’s high of $15.475 and then at this week’s high of $15.59. Next support is seen at last week’s low of $15.22 and then at $15.135. Wyckoff's Market Rating: 6.5.
May N.Y. copper closed up 75 points at 286.20 cents today. Prices closed nearer the session high today. Recent solid selling pressure still suggests this market has topped out. The copper bulls do still have the overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the February high of 297.75 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 today’s high of 287.55 cents and then at 290.00 cents. First support is seen at this week’s low of 283.45 cents and then at 281.00 cents. Wyckoff's Market Rating: 6.0.
