2024-04-04 16:58:00
Spot gold prices were slightly weaker in U.S. midday trading on Friday (April 5). On Thursday, spot gold hit a new high of $2,304.67 following hitting $2,300. Silver prices edged higher, hitting a two-year high overnight, with May silver futures trading at $27.455 on the New York Mercantile Exchange.
As geopolitical tensions intensify in the Middle East, safe-haven demand remains a key feature of the weekend. Completely bullish technical trends in gold and silver also prompted speculators to go long.
The market is now awaiting U.S. non-farm payroll data on Friday, when the U.S. Labor Department will release its March employment status report. Nonfarm payrolls are expected to increase by 200,000, compared with an increase of 275,000 reported in February.
The Associated Press reports that the U.S. military expects some form of retaliation from Iran following Israel killed a number of senior Iranian military officers in an airstrike earlier this week.Iran has said in the past that any Israeli attacks on Iran would be the responsibility of the United States because of the close ties between the United States and Israel and the fact that most of Israel’s military weapons come from the United States.
Federal Reserve Chairman Jerome Powell gave a speech at Stanford University on Wednesday followingnoon, which somewhat eased nervousness in the stock and bond markets, as well as gold. Powell said a U.S. interest rate cut is still possible this year. The market has already priced in two interest rate cuts this year.
(Source of spot gold daily chart: Yihuitong)
From a technical point of view, spot gold bulls have a strong overall technical advantage in the near future. The daily chart shows a six-week-old uptrend. Bulls’ next upside price objective is closing prices above resistance at $2,400. Bears’ next near-term downside price breakout objective is pushing prices below technical support at $2,250. First resistance is seen at the high $2,304.67 and then at $2,335. First support is seen at $2,300 and then at Wednesday’s low of $2,285.7.
Spot silver bulls have a solid overall technical advantage in the near future. On the daily chart, a six-week-old uptrend in prices is accelerating. Silver bulls’ next upside price breakout objective is closing prices above resistance at $28. The next downside price objective for the bears is closing prices below support at $25. First resistance is seen at today’s high $27.455 and then at $28. Next support is seen at today’s low $26.875 and then at $26.5.
New York copper futures closed up 450 points at $4.239. Prices closed near the session high on Thursday, setting another 14-month high. Copper bulls have a solid overall technical advantage in the near future. On the daily chart, copper prices are accelerating a seven-week-old uptrend. Copper bulls’ next upside price breakout objective is closing prices above resistance at $4.40. The next downside price breakout objective for the bears is closing prices below $3.9675. First resistance is seen at today’s high $4.2565 and then at $4.3.
At 00:54 Beijing time on Friday, spot gold was trading at $2,278.78 per ounce, down 0.51%. Spot silver was trading at $27.052 per ounce, down 0.38%. COMEX copper futures were trading at $4.249 per pound, an increase of 1.31%.
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