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FB: Gold At 4-Wk High On Safe-Haven Demand, Wilting U.S. Dollar
(Kitco News) - Gold prices are up and hit a four-week high in early U.S. trading Monday. A sell-off in world stock markets overnight and a slumping U.S. dollar index are bullish elements for the safe-haven precious metal to start the trading week. April Comex gold was last up $10.00 an ounce at $1,258.50. May Comex silver was last up $0.247 at $17.995 an ounce.

The marketplace is still reacting to the news late Friday that the U.S. House of Representatives Republicans pulled their bill to repeal and replace Obamacare. That was a major defeat for the first foray into new legislation from the Trump Administration, and it now calls into question what Trump can actually get accomplished regarding his pro-business campaign promises. That’s bearish for world stock markets and bullish for safe-haven assets like gold and U.S. Treasuries. Most agree the “Trump rally” that began in many world stock markets in early November has now petered out.

The key outside markets on Monday morning see the U.S. dollar index sharply lower and hitting a 4.5-month low overnight. The greenback bears have downside technical momentum as prices are in a steep downtrend on the daily bar chart. Meantime, Nymex crude oil prices are lower and hovering not far above last week’s four-month low. Growing world oil supplies, especially ramped up U.S. shale-oil production, are keeping crude oil prices tamped down.

U.S. economic data due for release Monday includes the Texas manufacturing outlook survey.

(Note: Follow me on Twitter--@jimwyckoff--for breaking market news.)

Live 24 hours gold chart [Kitco Inc.]

Technically, April gold futures bulls have gained the slight overall near-term technical advantage. Bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the February high of $1,264.90. Bears' next near-term downside price breakout objective is closing prices below solid technical support at $1,225.00. First resistance is seen at $1,264.90 and then at $1,270.00. First support is seen at $1,250.00 and then at the overnight low of $1,245.50. Wyckoff’s Market Rating: 5.5

Live 24 hours silver chart [ Kitco Inc. ]

May silver bulls and bears are now back on a level overall near-term technical playing field but the bulls have momentum on their side. Silver prices hit a three-week high overnight. Silver bulls’ next upside price breakout objective is closing futures prices above solid technical resistance at the February high of $18.54 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the March low of $16.82. First resistance is seen at $18.25 and then at $18.54. Next support is seen at the overnight low of $17.78 and then at $17.54. Wyckoff's Market Rating: 5.0.