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Gold, silver rally as Fed’s Powell leans a bit dovish
2024-03-07 05:26:21

(Kitco News) - Gold and silver prices are higher and near their daily highs in late-morning U.S. trading Wednesday. Nearby gold futures prices hit another record high today, at $2,157.50. The precious metals are getting a lift from remarks by the head of the U.S. central bank that the marketplace deemed as slightly dovish on monetary policy. April gold was last up $13.30 at $2,155.20. May silver was last up $0.421 at $24.40.

Federal Reserve Chairman Jerome Powell spoke to the U.S. House of Representatives committee on U.S. monetary policy today. Powell said interest rat cuts will likely be appropriate this year and that interest rates are at their peak for the current cycle. However, Powell said the Fed needs greater confidence on winning the inflation battle before lowering interest rates. However, he added inflation has eased notably. The U.S. stock indexes also rallied after Powell’s comments. The U.S. dollar index sold off and U.S. bond yields down-ticked a bit. Powell also said he thinks the U.S. economy can achieve a soft landing.

Today’s February ADP national employment report same out and showed jobs growth of 140,000, which compares to expectations for a rise of 150,000. The ADP report is a precursor to Friday morning’s monthly jobs report from the Labor Department.

The other key outside market today sees Nymex crude oil prices solidly up and trading around $80.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently fetching 4.114%.

Technically, April gold futures bulls have the solid overall near-term technical advantage. A three-week-old uptrend is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at December high of $2,171.50, basis April futures. Bears' next near-term downside price objective is pushing futures prices below solid technical support at this week’s low of $2,088.10. First resistance is seen at today’s high of $2,157.50 and then at $2,171.50. First support is seen at today’s low of $2,131.90 and then at Tuesday’s low of $2,118.50. Wyckoff's Market Rating: 8.5.

May silver futures prices were poised to close at a two-month high close today. The silver bulls have the overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at $26.00. The next downside price objective for the bears is closing prices below solid support at last week’s low of $22.47. First resistance is seen at this week’s high of $24.455 and then at $25.00. Next support is seen at $24.00 and then at today’s low of $23.785. Wyckoff's Market Rating: 6.5.

May N.Y. copper closed up 460 points at 389.30 cents today. Prices closed near the session high and scored a bullish outside day up today. The copper bulls have the overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the December high of 388.80 cents. The next downside price objective for the bears is closing prices below solid technical support at the February low of 367.95 cents. First resistance is seen at 391.70 cents and then at the January high of 396.75 cents. First support is seen at today’s low of 383.70 cents and then at last week’s low of 381.80 cents. Wyckoff's Market Rating: 6.0.

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