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Gold At 3-Week High As Bulls Cap A Very Good Week

Jim Wyckoff  

(Kitco News) - Gold prices are modestly up and have hit a three-week high in early U.S. trading Friday. Gold prices have gained over $40.00 an ounce this week, with bulls poised to push prices still higher next week. April Comex gold futures were last up $3.80 an ounce at $1,359.10. March Comex silver was last down $0.006 at $16.79 an ounce.

Global stock markets were mostly higher overnight. U.S. stock indexes are pointed toward firmer openings when the New York day session begins. The U.S. stock indexes have now regained all or most of last week’s strong losses. Today will be an extra important trading day for the U.S. stock indexes. If the daily volatility remains low and prices can close at or near their weekly highs today, then bulls would be much more comfortable they can continue to push prices north next week.

China and other Asian markets were closed Friday for the Lunar New Year holiday.

The key outside markets on Friday morning see the U.S. dollar index firmer on a corrective rebound from this week’s strong selling pressure. The dollar index did hit a three-year low overnight, with the Euro currency pushing to a three-year high. Meantime, Nymex crude oil prices are firmer early today and trading around $61.50 a barrel. The oil market bulls have made a good recovery this week, too.

U.S. economic data due for release Friday includes import and export prices, new residential construction, and the University of Michigan consumer sentiment survey.

Live 24 hours gold chart [Kitco Inc.]

Technically, April gold futures bulls have the firm overall near-term technical advantage. Bulls’ next upside technical objective is pushing and closing prices above chart resistance at the January high of $1,370.50. Bears' next near-term downside price breakout objective is closing prices below solid technical support at $1,320.00. First support is seen at $1,350.00 and then at $1,340.00. First resistance is seen at today’s high of $1,364.40 and then at $1,370.50. Wyckoff’s Market Rating: 7.0

Live 24 hours silver chart [ Kitco Inc. ]

March silver bears have the slight overall near-term technical advantage. The next upside price breakout objective is closing futures prices above solid technical resistance at $17.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the February low of $16.13. First resistance is seen at this week’s high of $16.95 and then at $17.00. Next support is seen at $16.605 and then at $16.50. Wyckoff's Market Rating: 4.5.

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