(Kitco News) - Gold prices are higher and hit a record high in early U.S. trading Friday, at $3,017.10, basis April Comex futures. The yellow metal is being boosted by safe-haven demand amid elevated concerns over a global trade war causing a world economic recession, by ideas of an easier Federal Reserve monetary policy after this week’s tame U.S. inflation reports, and by fully bullish technical charts. Silver prices are tagging along and hit a 4.5-month high overnight. April gold was last up $17.30 at $3,008.60. May silver prices were last up $0.424 at $34.73.
Asian and European stock markets were mixed overnight. U.S. stock indexes are pointed to higher openings when the New York day session begins, on corrective bounces from recent selling pressure.
The U.S. government Friday may be heading for the first shutdown since December of 2018. However, there are signs some U.S. Senate Democrats may cave in to the Republicans and vote for a continuing resolution.
The key outside markets today see the U.S. dollar index weaker. Nymex crude oil futures prices are firmer and trading around $67.25 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently 4.299%.
U.S. economic data due for release Friday includes the University of Michigan consumer sentiment survey.
Technically, April gold futures bulls have the strong overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $3,100.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,900.00. First resistance is seen at the overnight contract high of $3,017.10 and then at $3,025.00. First support is seen at the overnight low of $2,994.30 and then at $2,974.00. Wyckoff's Market Rating: 9.0.
May silver futures bulls have the firm overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at the October 2024 high of $35.80. The next downside price objective for the bears is closing prices below solid support at this week’s low of $32.215. First resistance is seen at the overnight high of $34.85 and then at $35.00. Next support is seen at the overnight low of $34.425 and then at $34.00. Wyckoff's Market Rating: 7.0.
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