Gold, silver gain on bullish charts, weakening greenback gold silver
- Gold and silver prices are higher, with and silver hitting a two-month high, in midday U.S. trading Thursday. Bullish technical charts are fueling speculative buying interest in the two precious metals. A depreciating U.S. dollar on the foreign exchange market is also working in favor of the metals market bulls. April gold was last up $9.40 at $1,976.30 and May silver was up $0.414 at $23.89.
The U.S. data point of the week is Friday's personal consumption and expenditures data that will provide fresh clues on inflation and whether the U.S. economy is headed toward recession. It's been said the PCE data is a favorite gauge of inflation for the Federal Reserve. Technically, April gold futures bulls have the solid overall near-term technical advantage. Prices are still in an uptrend on the daily bar chart. A bullish symmetrical triangle pattern has developed on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at the March high of $2,014.90. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,900.00.
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