(Kitco News) – Gold prices are trading moderately Wednesday early afternoon, Wednesday. The yellow metal saw its price fall after the publication of the Federal Reserve's FOMC minutes. Gold prices at the start of the day today reached their highest level in 10 months. Chart – based purchases are presented this week in the gold and silver markets, as both metals have seen their technical posture improve just recently. April gold futures were down $ 0.60 per ounce to $ 1,344.10. In March, Comex 's money was up $ 0.108 to $ 16.065 an ounce.
The US economic data point for the day is the FOMC minutes from the Federal Reserve. The minutes have raised more concerns about the risks to US economic growth, which, according to the Fed, have moderated in recent months. The Fed sees little risk in leaving monetary policy stable for the moment. The minutes also said the Fed would show "patience" with future interest rate hikes, adding that the FOMC would also continue to depend on the data. FOMC members want to see the Fed's stock market balance reabsorbed later this year.
Although the record of the FOMC meeting does not contain any surprises, it appears that short-term gold traders have seized the opportunity to take some profits after the report and after the recent significant gains.
The Fed's recent policy shift towards one of the more accommodating monetary conditions has been a distinctly bullish underlying factor for several commodities markets, including precious metals. He has also been optimistic for the global stock and bond markets.
In mid-week, the ongoing trade talks taking place this week in Washington DC appear to be slightly more optimistic. imposed on China. Ideas are still very divided as to whether a final agreement will be reached soon. Chinese state media said on Wednesday that there would be catastrophic economic consequences if the US imposed new sanctions on China.
The British saga of Brexit continues as four MPs aligned with Prime Minister Theresa May have dropped their affiliation with her. There is still no agreement in place as the end of March deadline for the UK to leave the European Union.
Major external markets are now seeing the US dollar index down slightly after posting a stronger downward correction on Tuesday. Nymex crude oil prices are higher and hit another three-month high today. Prices are in a good uptrend since the December 24th low, just above $ 42.50 a barrel.
Technically, April gold futures speculators have a strong overall technical short-term advantage and gained more power this week, suggesting additional upside potential in the near term. An upward price trend of nearly three months is in place on the daily bar chart. The Gold Bulls' next short-term bullish price target is to produce near-resistance solid resistance at $ 1,400.00. Bears' next short-term price reduction target pushes prices under strong technical support to a low of $ 1,304.70 in February. The first resistance is seen at $ 1,350.00, then at $ 1,365.00. The first support is seen at $ 1,340.00, then at $ 1,331.10. Wyckoff's Market Rating: 7.5
The futures prices for silver in March closed near the high of the session and closed at a seven – month high today. The Silver Bulls have the overall technical advantage in the short term and have recovered strength this week. Prices are in a two-month price uptrend on the daily bar chart. The next bullish price target of the Silver Bulls is to close the closing prices above a strong technical resistance at $ 17.00 an ounce. The next downside price target for the bears is that closing prices are below solid support at the February low of $ 15,445. The first resistance is observed at the January high of $ 16.20, then at $ 16.50. The next support is seen at $ 16.00, then at the low of $ 15.715 this week. Wyckoff Market Estimate: 6.5.
In March, copper closed up 455 points to 292.00 cents today. Prices closed near the high of the session and reached another high of 4.5 months today. Copper bulls have overall short-term technical advantage and have taken power this week. Prices have been rising for seven weeks. The next upside price target of Copper Bulls is to push the closing prices above a strong technical resistance to 300.00 cents. The next downside for bears is the lower closing price at solid technical support at 275.00 cents. The first resistance is observed at today's highs, at 292.45 cents, then at 295.00 cents. The first support stands at 2.9000 cents, then at today's low, at 286.90 cents. Wyckoff Market Estimate: 6.5.
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