Gold Prices End Down Amid Bearish Outside Markets

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(Kitco News) - Gold priceswereending the U.S. day session moderately lower Thursday. A solidly higher U.S. dollar index and weaker crude oil prices on this day were bearish “outsidemarket” forces that limited buying in the precious metals. Also,a presently stable geopolitical environment is keeping buyers of safe-havengold very timid. April Comex gold futures were last down $6.50 an ounce at$1,321.20. May Comex silver was last down $0.009 at $16.485 an ounce.

Themain event of the trading day Thursday was the European Central Bank’s regularmonetary policy meeting. No change in interest rates or monetary policy wasannounced at the meeting’s conclusion. No changes were expected. However, thewording of the ECB statement left out the reference that it would increase itsquantitative easing if needed, which some deemed as a bit hawkish.

TheBank of Japan holds its monetary policy meeting on Friday.

Themetals markets and the stock and financial markets in general paid littleattention to news reports the Trump Administration as early as this afternoonwill put into effect tariffs on steel and aluminum imports into the U.S. It is thesense of the marketplace that the actual tariffs will be watered down and onlyspecific to certain countries. That somewhat assuaged the marketplace.

OnFriday is the major U.S. economic report of the week, if not the month: theLabor Department’s employment situation report. The key “non-farm” payrollsnumber for February is expected to come in at up 205,000.

Technically,Aprilgold futures prices closed nearer the session low again today. The goldbulls and bears are back on a level overall near-term technical playing field.Gold bulls' next upside near-term price breakout objective is to produce aclose above solid technical resistance at $1,350.00. Bears' next near-termdownside price breakout objective is pushing prices below solid technical supportat $1,300.00. First resistance is seen at today’s high of $1,329.80 and then at$1,335.00. First support is seen at this week’s low of $1,318.30 and then at$1,309.00. Wyckoff's Market Rating: 5.0

Maysilver futures prices closed near mid-range today. The silver bears have theoverall near-term technical advantage. Silver bulls' next upside price breakoutobjective is closing prices above solid technical resistance at the Februaryhigh of $17.04 an ounce. The next downside price breakout objective for thebears is closing prices below solid support at $16.00. First resistance is seenat $16.60 and then at $16.75. Next support is seen at this week’s low of $16.37and then at the March low of $16.16. Wyckoff's Market Rating: 3.5.

MayN.Y. copper closed down 565 points at 307.95 cents today. Prices closed nearerthe session low today. The copper bulls still have the slight overall near-termtechnical advantage, but are fading. Copper bulls' next upside price objectiveis pushing and closing prices above solid technical resistance at 320.00 cents.The next downside price objective for the bears is closing prices below solidtechnical support at the February low of 304.65 cents. First resistance is seenat 310.00 cents and then at today’s high of 313.95 cents. First support is seenat today’s low of 307.05 cents and then at 304.65 cents. Wyckoff's MarketRating: 5.5.

By Jim Wyckoff

For Kitco News

Follow @jimwyckoffjwyckoff@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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