(Kitco News) - Gold and silver prices are still sharply higher in midday U.S. trading Tuesday, but off their daily highs that saw Comex gold futures hit a record high of $2,078.80. Silver prices notched an eight-month high of $27.495. However, both metals' prices have backed down from their highs on news reports Ukraine says it is no longer seeking to be a member of NATO. U.S. stocks rallied on the news. Traders are thinking (more like hoping) this is Russian President Putin's off-ramp to stopping the war. Right now that's just wishful thinking, however. April gold futures were last up $49.10 at $2,045.60 and May Comex silver was last up $1.135 at $26.84 an ounce.
Global stocks markets were mixed overnight and U.S. stock indexes are higher and near their daily highs at midday. The Nasdaq stock index has moved into bear market territory—down 20% from its high. The Dow Jones Industrial Average is now in correction territory, meaning down 10% from its high.
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Bulls hit the accelerator and push gold price sharply up and to record high |
The key outside markets see Nymex crude oil prices are higher and trading around $123.80 a barrel. The all-time high in nearby Nymex crude oil prices was scored in July of 2008, at $147.27 a barrel. The U.S. dollar index is weaker today after hitting a 21-month high Monday. The benchmark U.S. 10-year Treasury note is presently yielding 1.875%.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, April gold futures prices hit a record high of $2,078.80 today. Bulls have the strong overall near-term technical advantage and gained more power today. Prices are in a five-week-old uptrend on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at $2,100.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,000.00. First resistance is seen at today's record high of $2,078.80 and then at $2,100.00. First support is seen at $2,025.00 and then at $2,000.00. Wyckoff's Market Rating: 10.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
May silver futures prices hit another eight-month high today. The silver bulls have the solid overall near-term technical advantage and gained more power today. Prices are in a five-week-old uptrend on the daily chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $29.00 an ounce. The next downside price objective for the bears is closing prices below solid support at $25.00. First resistance is seen at today's high of $27.495 and then at $27.75. Next support is seen at $26.50 and then at $26.00. Wyckoff's Market Rating: 8.0.
May N.Y. copper closed down 265 points at 470.45 cents today. Prices closed nearer the session low today. Prices Monday scored a bearish and huge "key reversal" down on the daily bar chart, which is one clue that a market top is in place. The copper bulls have the overall near-term technical advantage. Prices are in a choppy, nearly three-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 record high of 503.95 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 480.00 cents and then at 490.00 cents. First support is seen at today's low of 460.30 cents and then at 455.00 cents. Wyckoff's Market Rating: 7.0.
