Gold price modestly up amid safe-haven demand, bullish charts

Kitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity. Our goal is to help people make informed market decisions through in-depth reporting, daily market roundups, interviews with prominent industry figures, comprehensive coverage of important industry events and analyses of market-affecting developments.near steady in early U.S. trading Thursday.

The key outside markets today see the U.S. dollar index a bit higher after its strong rally to a 4.5-month high Wednesday rallying after the hotter U.S. CPI report. Nymex crude oil prices are weaker and trading around $85.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently fetching 4.57%.

The silver bulls have the strong overall near-term technical advantage. Prices are in an accelerating seven-week-old uptrend on the daily bar chart. Silver bulls' next upside price objective is closing May futures prices above solid technical resistance at $30.00. The next downside price objective for the bears is closing prices below solid support at $26.40. First resistance is seen at $28.44 and then at this week’s high of $28.655. Next support is seen at Wednesday’s low of $27.

Follow Jim daily on Kitco.com as he provides both AM and PM roundups and a daily Technical Special. 1 877 963-NEWS jwyckoff at kitco.com

Source: Financial Digest (financialdigest.net)

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