(Kitco News) - Gold and silver prices are lower in midday U.S. trading Wednesday, on routine downside corrections and profit taking from the shorter-term futures traders after recent gains. The Russia-Ukraine geopolitical situation will continue to keep the precious metals prices elevated. April gold futures were last down $23.80 at $1,920.30 and May Comex silver was last down $0.366 at $25.175 an ounce.
A rally in the U.S. stock indexes today also weighed on the safe-haven metals. The week-old Russian invasion of Ukraine continues and no off ramp for the conflict is in sight. In fact, some military experts are saying the Russia-Ukraine war could last 10 years. That is likely to keep traders and investors edgy for some time to come.
The marketplace heard Federal Reserve Chairman Jerome Powell’s testimony today to a U.S. House panel. Powell said he favors a 0.25% rate hike at the FOMC March meeting. Otherwise, his remarks were not significantly market-sensitive. Many market watchers still think the geopolitical crisis could alter the timing and degree of the Fed’s expected interest rate increases this year.
The key outside markets today see Nymex crude oil prices posting strong gains and trading around $109.00 a barrel and hitting an 8.5-year high of $112.51 today. The U.S. dollar index is higher again today and hit a 1.5-year high. The benchmark U.S. 10-year Treasury note is presently yielding 1.8%.
Technically, April bulls still have the solid overall near-term technical advantage. Prices are in a four-week-old uptrend on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at the February high of $1,976.50. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,882.50. First resistance is seen at $1,935.00 and then at this week’s high of $1,952.60. First support is seen at today’s low of $1,916.00 and then at $1,900.00. Wyckoff's Market Rating: 8.0.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
May silver futures bulls have the firm overall near-term technical advantage. Prices are in a four-week-old uptrend on the daily chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $26.00 an ounce. The next downside price objective for the bears is closing prices below solid support at $23.50. First resistance is seen at the February high of $25.705 and then at $26.00. Next support is seen at today’s low of $24.96 and then at $23.50. Wyckoff's Market Rating: 7.0.
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
May N.Y. copper closed up 595 points at 465.60 cents today. Prices closed nearer the session high today and hit a 4.5-month high. The copper bulls have the solid overall near-term technical advantage and gained more power today. 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 October high of 474.15 cents. The next downside price objective for the bears is closing prices below solid technical support at 440.00 cents. First resistance is seen at today’s high of 470.50 cents and then at 474.15 cents. First support is seen at 460.00 cents and then at today’s low of 455.25 cents. Wyckoff's Market Rating: 7.5.
