Gold, silver bulls fading and need a fresh spark

Gold and silver prices are modestly weaker in midday U.S. trading Wednesday, on some more downside corrective action after recent gains. Bulls are fading and need a fresh fundamental element to boost them and to keep alive the near-term price uptrends in the two precious metals markets. June gold futures were last down $4.20 at $1,955.00 and May Comex silver was last down $0.146 at $25.245 an ounce.

Global stocks markets were mixed overnight. The U.S. stock indexes are mixed at midday. The U.S. stock indexes have stabilized but are still in near-term price downtrends. Equities traders are presently focused on corporate earnings reports. Risk appetite is still not robust in the marketplace amid the Russia-Ukraine war and the Covid outbreak in China.

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Nymex crude oil futures prices are weaker today and trading around $101.00 a barrel. The U.S. dollar index is lower today after hitting a two-year high Tuesday. The closely watched yield on the 10-year Treasury note is presently fetching 2.88%.

Technically June gold futures bulls still have the overall near-term technical advantage but have faded this week and need to show fresh power soon. 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 $1,915.00. First resistance is seen at $1,972.50 and then at Tuesday’s high of $1,985.10. First support is seen at today’s low of $1,941.00 and then at $1,928.00. Wyckoff's Market Rating: 6.5.

May silver futures bulls have the overall near-term technical advantage but have faded this week and need to show fresh power soon. Silver bulls' next upside price objective is closing prices above solid technical resistance at this week’s high of $26.495 an ounce. The next downside price objective for the bears is closing prices below solid support at $24.00. First resistance is seen at $25.50 and then at $25.75. Next support is seen at $25.00 and then at $24.50. Wyckoff's Market Rating: 6.5.

May N.Y. copper closed down 685 points at 464.95 cents today. Prices closed nearer the session low and hit a four-week low today. The copper bulls have the overall near-term technical advantage but are fading. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the April high of 486.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 450.00 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 461.95 cents and then at 460.00 cents. Wyckoff's Market Rating: 6.0.

By Jim Wyckoff

For Kitco News

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