Gold price powers to 8-month high on safe-haven demand

(Kitco News) - Gold prices are sharply higher, hit an eight-month high and are trading just above $1,900.00 in midday U.S. trading Thursday. Safe-haven demand is featured as reports say a Russian invasion of Ukraine is "imminent." Silver prices are moderately up, but not yet catching the strong safe-haven bid that is gold. April gold futures were last up $29.50 at $1,901.00 and March Comex silver was last up $0.265 at $23.86 an ounce.

Risk aversion is keen Thursday on reports that shots have been fired along the Ukraine-Russia border. President Biden gave a somber assessment of the situation in a television interview Thursday morning. News reports said Ukrainian troops fired on Russian-backed rebels. Reuters reported that the U.S. said a Russian invasion of Ukraine is "imminent" and that top U.S. diplomats are changing their travel plans. The U.S. had earlier said there is no evidence Russia has pulled its troops away from the border, and in fact the U.S. says Russia has added 7,000 more troops.

Global stock markets were mixed to weaker overnight. The U.S. stock indexes are solidly lower at midday.

The yield on the U.S. 10-year Treasury note is presently fetching 1.977%--down from higher levels earlier this week due to safe-haven buying of U.S. Treasuries. The key outside markets today see crude oil prices solidly lower and trading around $91.50 a barrel. The U.S. dollar index is a bit firmer today.

Technically, April gold futures prices hit an eight-month high today. Bulls have the solid overall near-term technical advantage and gained more power today. Prices are in a steep uptrend on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at the May 2021 high of $1,922.40. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,850.00. First resistance is seen at $1,910.00 and then at $1,922.40. First support is seen at $1,882.50 and then at $1,875.00. Wyckoff's Market Rating: 8.5

March silver futures bulls have the overall near-term technical advantage. Bulls are working on a fledgling price uptrend on the daily chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at the January high of $24.755 an ounce. The next downside price objective for the bears is closing prices below solid support at $22.00. First resistance is seen at this week's high of $24.015 and then at $24.25. Next support is seen at today's low of $23.44 and then at this week's low of $23.07. Wyckoff's Market Rating: 6.0.

March N.Y. copper closed down 160 points at 452.10 cents today. Prices closed nearer the session high today. The copper bulls have the overall near-term technical advantage. Prices are in a choppy, two-month-old uptrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the February high of 470.85 cents. The next downside price objective for the bears is closing prices below solid technical support at the January low of 428.20 cents. First resistance is seen at this week's high of 458.95 cents and then at 460.00 cents. First support is seen at this week's low of 444.40 cents and then at 440.00 cents. Wyckoff's Market Rating: 6.0.