Gold, silver up, but down from daily highs on some profit taking gold silver Fed
- Gold and silver prices are modestly higher but nearer the daily lows in midday U.S. trading Wednesday. Some profit-taking pressure from the shorter-term futures traders kicked in after both metals touched 13-month highs in the immediate aftermath of a tamer U.S. inflation report this morning. June gold was last up $4.20 at $2,023.20 and May silver is up $0.114 at $25.30.
The U.S. data point of the week saw Wednesday morning’s consumer price index report for March come in at up 5.0%, year-on-year, compared to market expectations for a rise of 5.1%. The CPI rose 6.0% in the February report. Today’s CPI report continues a downward trajectory on consumer inflation and falls into the camp of the U.S. monetary policy doves, who want to see the Federal Reserve back off on its policy tightening. U.S. Treasury yields initially dropped and the U.S.
Technically, June gold futures bulls 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 all-time high of $2,078.80, scored in March of 2022. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the April low of $1,965.90. First resistance is seen at the March high of $2,031.
May silver futures bulls have the solid overall near-term technical advantage. Prices are in a steep four-week-old uptrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $27.50. The next downside price objective for the bears is closing prices below solid support at $23.50. First resistance is seen at today’s high of $25.825 and then at $26.00. Next support is seen at $25.00 and then at this week’s low of $24.775.
May N.Y. copper closed up 165 points at 403.60 cents today. Prices closed nearer the session high today. The copper bulls have the slight overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the March high of 417.45 cents. The next downside price objective for the bears is closing prices below solid technical support at the March low of 382.20 cents. First resistance is seen at today’s high of 405.
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