Gold and silver prices experienced declines in midday U.S. trading, primarily driven by chart-based selling in a relatively subdued market. April gold was down $11.90 at $2,037.50, while March silver fell $0.452 to $22.525. The selling pressure is attributed to technical factors, with traders awaiting fresh fundamental catalysts to guide price movements.
U.S. stock index futures showed a narrow mix at midday, remaining close to the record highs achieved on Friday. The recent rally in the stock market has diminished the appeal of safe-haven assets like gold and silver, as risk appetite improved. The U.S. dollar index was slightly lower, and Nymex crude oil prices saw an increase, trading around $77.25 a barrel.
The 10-year U.S. Treasury note yield rose, presenting a negative impact on gold and silver prices. Technically, April gold futures bears maintain a slight near-term advantage, as prices are in a three-month downtrend. The next upside objective for gold bulls is to close above solid resistance at the February high of $2,083.20. Silver futures’ near-term technical advantage lies with bears, with the next upside target for bulls at the February high of $23.56.
March N.Y. copper closed down 530 points at 382.70 cents, with copper bulls having a slight overall near-term technical advantage. The next upside objective for copper bulls is to push and close prices above solid technical resistance at the January high of 394.70 cents. The next downside target for bears is closing prices below solid technical support at the February low of 365.50 cents.