Gold and silver are lower again with gold hitting a 10-month low. PMs are pressured by a rising dollar index and increasing bond yields. April gold futures were lower by $11.10 at $1,687.40 and May Comex silver was lower by $0.132 sitting at $25.15 per ounce.
Tensions are increasing in the Middle East after an attack on a large Saudi Arabian oil facility by Houthi rebels. The Saudis claim the attack has not impacted their oil production.
Also, China reported its exports increased by 60.6% in the January-February period, while their imports rose 22.2%, year-on-year. Both of these easily beat expectations and further shows the world’s second-largest economy has went into hyperdrive.
While U.S. economic numbers are due for release this week and will include the monthly wholesale trade and employment trends index.
The April gold futures shows a solid overall near-term technical advantage for bears amid a 2 month price downturn.
Bulls’ next price target is to close higher than solid resistance at this week’s high of $1,757.40.
Bears’ next near-term price objective is breaking the futures prices under solid technical support at $1,650.00.
May silver futures bears have the advantage. Prices are in a 5 week downturn on the daily chart. Silver bulls’ next price target is closing higher than resistance at $27.00 per ounce. The price target for silver bears is getting below support at $24.00.