Gold prices are higher in early U.S. trading today, supported by stable U.S. Treasury bond yields, a weaker U.S. dollar index and higher crude oil prices. Good price strength for the yellow metal to end the week would be a sign the market has put in a near-term price bottom. April gold futures were last up $9.20 at $1,731.10 and May Comex silver was last up $0.27 at $26.40 an ounce.
Global stock markets were mostly higher overnight. China's Shanghai composite index saw its biggest one-day advance since October. U.S. stock indexes are pointed toward higher openings when the New York day session begins. Traders and investors are in "risk-on" moods late this week after the U.S. Congress approved a $1.9 trillion stimulus package for Americans that will be signed by President Biden Friday. Also, Covid vaccinations continue to rise in the U.S., with health experts saying that all Americans who want a shot can likely get one by the end of April.
U.S. Treasury bond yields appear to have stabilized late this week. The closely watched U.S. Treasury 10-year note yield is fetching 1.499% in early U.S. trading Thursday. Bond yields have been rising in recent weeks on worries about problematic inflation surfacing as the major economies of the world have turned on their money spigots wide open over the past year. Still, inflation readings from the major economies are so far not running hot.
Traders in Europe were awaiting the results of the latest meeting of the European Central Bank Thursday. No changes in EU monetary policy are expected.
The key "outside markets" today see Nymex crude oil futures prices higher and trading around $65.20 a barrel. Meantime, the U.S. dollar index is lower early today.
U.S. economic data due for release Thursday includes the weekly jobless claims report, expected to show new claims at 725,000 compared to 745,000 in new claims reported last week.
Technically, the April gold futures bears still have the firm overall near-term technical advantage amid a two-month-old price downtrend in place on the daily chart. Bulls' next upside price objective is to produce a close in April futures above solid resistance at this week's high of $1,757.40. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the March low of $1,673.30. First resistance is seen at the overnight high of $1,738.00 and then at $1,750.00. First support is seen at the overnight low of $1,721.70 and then at $1,700.00. Wyckoff's Market Rating: 3.0
May silver futures bears have the slight overall near-term technical advantage. Prices are still in a five-week-old downtrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $27.50 an ounce. The next downside price objective for the bears is closing prices below solid support at the March low of $24.845. First resistance is seen at today's high of $26.545 and then at $27.00. Next support is seen at today's low of $26.10 and then at $26.00.
Credit : https://www.kitco.com/news/2021-03-11/Gold-price-up-again-as-bulls-gain-some-momentum.html