Gold, Silver Markets Tread Water, Awaiting New Inputs

(Kitco News) - Gold and silver market prices are not straying far from unchanged in midday trading Monday. Gold got a bit of a safe-haven bid overnight due to rising tensions between the U.S. and Iran. However, those gains were lost during the U.S. day session as trader and investor attitudes are still generally upbeat amid U.S. stock index prices that are trending higher and not far below their record highs scored last fall. June gold futures were last up $0.60 an ounce at $1,276.60. May Comex silver was last up $0.005 at $14.96 an ounce.

The U.S. is ratcheting up its economic sanctions on Iran. The U.S. intends to eliminate waivers it had granted to some countries that imported Iranian crude oil. Oil prices pushed to a six-month high on the news. The U.S. and Iran have seen their already very strained relations deteriorate further under the U.S. Trump administration. A further, significant deterioration in this situation would likely find better safe-haven demand for gold and silver markets.

Asian and European stock indexes were mixed overnight. Some world stock and financial markets are closed Monday due to the Easter holiday.

Gold and silver prices got little help from key outside markets that were in a bullish posture for the metals today. The U.S. dollar index was weaker on a corrective pullback after hitting a new high for the year last Thursday. Meantime, Nymex crude oil prices are solidly higher, hit a nearly six-month high and are trading around $65.75 a barrel.

Technically, June gold futures prices closed nearer the session low today. Prices late last week hit a four-month low. The bears have the overall near-term technical advantage. A two-month-old downtrend line on the daily bar chart is in place. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,300.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,250.00. First resistance is seen at today’s high of $1,281.90 and then at $1,285.00. First support is seen at last week’s low of $1,273.00 and then at $1,270.00. Wyckoff's Market Rating: 4.0

May silver futures prices closed near the session low. The silver bears have the overall near-term technical advantage. A two-month-old downtrend is in place on the daily bar chart. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at the April high of $15.31 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $14.50. First resistance is seen at last week’s high of $15.055 and then at $15.25. Next support is seen at the April low of $14.795 and then at $14.75. Wyckoff's Market Rating: 4.0.

May N.Y. copper closed down 160 points at 290.45 cents today. Prices closed nearer the session low today on more profit taking after hitting a 9.5-month high last week. The copper bulls still have the overall near-term technical advantage. 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 the March low of 283.45 cents. First resistance is seen at today’s high of 293.25 cents and then at 295.00 cents. First support is seen at the April low of 288.35 cents and then at 285.00 cents. Wyckoff's Market Rating: 6.5.