(Kitco News) - Gold and silver prices are sharply up in midday U.S. trading Thursday, helped by bullish outside markets that include big gains in crude oil and a sharply lower U.S. dollar index on this day. Safe-haven demand and perceived bargain hunting are also featured in the precious metals late this week. April gold futures were last up $33.90 at $1,943.10 and May Comex silver was last up $0.88 at $25.59 an ounce.
Global stocks markets were mixed overnight. Asian equity markets rallied for a second day after the Chinese government said it would work to keep its stock and financial markets buoyant. The U.S. stock indexes are higher at midday, following up on very strong gains Wednesday. Risk aversion has receded just a bit this week, on trader and investor hopes that Russia and Ukraine may be making some progress in their peace talks. However, Russian shelling and killing of civilians in Ukraine continues, as U.S. President Biden labeled Russian President Putin a war criminal. Don't be surprised to see risk aversion in the marketplace become much keener in the near term, as it presently appears "hope" on the peace talks is trumping "reality." The gold market is suggesting such, as the safe-haven metal trades sharply higher Thursday.
Traders Thursday were still digesting the Federal Reserve's FOMC meeting that ended Wednesday afternoon with a statement and press conference from Fed Chairman Powell. The Fed, as expected, raised its Fed funds rate by 0.25%--the first rate hike since 2018. The FOMC signaled it may raise rates six more times this year and a few times next year, in an effort to tamp down problematic inflation. After the FOMC statement and Powell's press conference, the marketplace deemed the Fed as being a bit more hawkish on fighting inflation than expected.
The key outside markets see Nymex crude oil prices solidly higher and trading around $102.25 a barrel. The U.S. dollar index is sharply lower today. The benchmark U.S. 10-year Treasury note is presently yielding 2.12%.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, April gold futures bulls have the overall near-term technical advantage. Recent price action still suggests a market top is in place. Bulls' next upside price objective is to produce a close above solid resistance at $2,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,850.00. First resistance is seen at today's high of $1,951.00 and then at $1,956.90. First support is seen at today's low of $1,924.00 and then at $1,908.10. Wyckoff's Market Rating: 6.5
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
May silver futures bulls have the overall near-term technical advantage and have regained momentum. Silver bulls' next upside price objective is closing prices above solid technical resistance at the March high of $27.495 an ounce. The next downside price objective for the bears is closing prices below solid support at $24.00. First resistance is seen at today's high of $25.75 and then at $26.00. Next support is seen at today's low of $25.165 and then at $25.00. Wyckoff's Market Rating: 6.5.
May N.Y. copper closed up 950 points at 469.60 cents today. Prices closed nearer the session high again today. The copper bulls have regained the slight overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 485.00 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 470.90 cents and then at 475.00 cents. First support is seen at today's low of 461.05 cents and then at 455.00 cents. Wyckoff's Market Rating: 5.5.
