Gold boosted by bullish charts, out of markets

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(Kitco News) – Gold prices are significantly higher, near the daily peak and hit a two-week high in the United States on Wednesday. Chart-based shopping and bargain hunting are in the spotlight this week. A weaker US dollar index that day is also working in favor of bulls in the metals market. The other key foreign market today is also in a bullish position for metals and sees Nymex crude prices rising, peaking at four months and trading just above $ 58.00 a barrel . Another moderate US inflation report released today was also bullish for the precious metals markets. In April, gold futures rose $ 11.50 an ounce to $ 1,309.60. The May silver medal in the Comex was up $ 0.057 to $ 15.47 an ounce.

In the United States, the economic data of the day was the February report on the producer price index, up 0.1% from January. The PPI was seen up 0.2% over a month. Tuesday's report on the US consumer price index was also very moderate and helped push up US Treasury prices. The prices of gold and silver have moved little in the PPI report. Nevertheless, this week's US inflation reports favor bulls in metals as they suggest the Federal Reserve can maintain easier monetary policy.

The Asian and European stock markets were mixed overnight. US stock indexes are higher in afternoon trading. There are still no major geopolitical hot spots to navigate the market and reduce the appetite for the increased risk of traders and investors.

British lawmakers voted Tuesday against another plan proposed by Prime Minister Theresa May, but despite some last-minute concessions from the European Union, the British parliament rejected the May plan. There could be another vote later today. The pound sterling was put under pressure on the news without a vote, even if such a result was expected by the market. The UK must leave the EU at the end of the month.

Technically, the April bulls have the overall technical advantage in the short term. Bulls next price target is to produce a futures contract in April, above a strong resistance, at $ 1,330.00. Bears' next short-term price reduction target pushes prices under strong technical support to a low of $ 1,280.80 in March. The first resistance is seen at $ 1,317.00, then at $ 1,325.00. The first support is seen at $ 1,300.00, then at the low of $ 1,290.60 this week. Wyckoff's Market Rating: 6.5

May the silver futures have the overall short-term technical advantage. The next bullish price target of the Silver Bulls is to close the closing prices above a strong technical resistance at 15.75 dollars an ounce. The next downside price target for the bears is the lower than solid support low of $ 14.985 last week. The first resistance is seen at the top of the night at $ 15.55, then at $ 15.75. The next support is announced at Tuesday's low of $ 15.31 and the low of this week at $ 15.225. Wyckoff Market Estimate: 6.0.