(Kitco News) - Gold prices are up a bit in midday U.S. trading Thursday, after overnight hitting another record high. Silver futures are modestly down. The precious metals bulls got through some central bank decisions this week relatively unscathed, which gives them fresh confidence. April gold was last up $5.00 at $3,046.00. May silver prices were last down $0.215 at $33.99.

The marketplace has digested the FOMC meeting that ended Wednesday afternoon with no change in U.S. interest rates. However, the Fed did slow down its runoff of its securities holdings, which is a slightly dovish lean. Barron’s reported Fed Chair Jay Powell did a superb job of threading the needle: He said the U.S. economy is still solid, but added inflation is creeping up a bit and there are heightened economic uncertainties at present. The U.S. stock indexes saw their biggest FOMC-day gains since the middle of last year. And Powell also managed to not draw the ire of President Trump, at least not yet.

Also, the Bank of England and Sweden’s Riksbank left their monetary policies unchanged today, as expected.

The key outside markets today see the U.S. dollar index higher. Nymex crude oil futures prices are higher and trading around $68.25 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently around 4.2%.

Technically, April gold futures bulls have the strong overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $3,100.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,900.00. First resistance is seen at the overnight contract high of $3,065.20 and then at $3,085.00. First support is seen at $3,025.00 and then at Tuesday’s low of $3,008.20. Wyckoff's Market Rating: 9.0.

May silver futures bulls have the overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at the October 2024 high of $35.80. The next downside price objective for the bears is closing prices below solid support at $32.215. First resistance is seen at the overnight high of $34.595 and then at this week’s high of $35.00. Next support is seen at the overnight low of $33.615 and then at $33.00. Wyckoff's Market Rating: 6.5.

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