Gold, silver punished by stronger USDX, falling crude oil gold silver USDX
- Gold and silver prices are solidly lower in midday U.S. trading Wednesday. Gold hit a nine-week low and silver a 2.5-month low today. The key outside markets were in a bearish daily posture for the metals markets at mid-week, as the U.S. dollar index was sharply higher and crude oil prices were lower. April gold was last down $23.30 at $1,842.00 and March silver was down $0.333 at $21.54.
Global stock markets were mixed overnight, with Asian shares mostly lower and European shares mostly higher. U.S. stock indexes are weaker at midday. Technically, April gold futures prices hit a six-week low today. Bulls have lost their slight overall near-term technical advantage. A fledgling downtrend is in place on the daily chart. Bulls’ next upside price objective is to produce a close above solid resistance at $1,900.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,800.00. First resistance is seen at $1,850.00 and then at today’s high of $1,870.90.
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