The gold price fell due to rising bond yields, fixed dollar; job data a non-event

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(Kitco News) – Gold and silver prices are lower in early US trading on Friday, pressured by rising US government interest rates and a firmer US dollar index this day. The metals showed no reaction to an as expected U.S. job report. Gold futures in June fell last by $ 17.80 to $ 1,936.10, and May Comex silver was last down by $ 0.408 to $ 24,725 per share. ounce.

The monthly US employment situation report for March showed that the non-agricultural wage key figure came close to market expectations, with an increase of 431,000, compared to forecasts for an increase of around 490,000 and 678,000 progress seen in the February job report. The US employment rate was 3.6%, which was also close to expectations. The markets showed very little or no reaction to the report.

Global stock markets were mixed but mostly firmer during the night. US stock indices point to higher openings when the day session in New York begins. US stock indices are in short-term price trends.

Here is the latest news / analysis on the Russia-Ukraine war front from Broker SP Angel in a morning e-mail broadcast: “The Russia-Ukraine war will hardly end until the Russians are expelled from Ukraine or to a safe position. Russia is highly unlikely to leave Ukraine voluntarily, but may be forced to withdraw if reports of significant non-compliance by troops are true.Rising reports of Russian soldiers refusing to fight in Ukraine encourage Ukrainian forces in their attempt A US report also suggests that a Russian convoy to Kiev may no longer exist. that the Ukrainian military will pull out a high price while they have Russian forces on the run, partly to ensure that the Russian army does not want to return give in a hurry. The West is likely to continue to fund the humiliation of Russia’s once proud military in pain. “We expect the war to continue for at least a few more months while Ukraine’s forces work to drive out the invaders.”

In other news, euro area inflation accelerated to a record high of 7.5% in March, year-on-year, from a revised 5.9% in February, mainly due to the war between Russia and Ukraine, which increased energy costs. These figures call into question the European Central Bank’s inflation projection of only 5.1% for the year. Money markets are now pricing more aggressive tightening of monetary policy by the European Central Bank this year.

Nymex crude oil prices are almost stable and trade around $ 100.00 per barrel. The Biden administration will release up to 1 million barrels a day in the coming months from its strategic petroleum reserve, for a total of 180 million barrels. The Wall Street Journal reports that overall commodity prices rose in the first quarter at the fastest pace in over 30 years, led by rising energy costs.

Meanwhile, the US dollar index is slightly higher early today. The benchmark US 10-year government bond currently yields 2.404%.

Other U.S. economic data to be released on Friday include the U.S. Purchasing Managers’ Index (PMI), the ISM report on manufacturing, construction costs, the global manufacturing PMI, and sales of the domestic automotive industry.

Technically, the June gold futures bulls have the overall technical advantage in the short term. The Bulls’ next upside price target is to produce a close in April futures over greater resistance of $ 2,000.00. The Bears’ next short-term downside price target is to push futures prices below solid $ 1,850.00 technical support. First resistance is seen at Thursday’s high of $ 1,955.00 and then at $ 1,975.00. First support is seen at Wednesday’s lowest value of $ 1,920.10 and then at $ 1,900.00. Wyckoffs Market Rating: 6.0

Live 24 hour silver chart [ Kitco Inc. ]

May silver futures bulls have the small overall technical advantage in the short term. The Silver Bulls’ next upside price target is to close prices above solid technical resistance at last week’s high of $ 26.16 an ounce. The next downside price target for the Bears is to close prices under solid support at this week’s lowest price of $ 24,045. First resistance is seen at Thursday’s high of $ 25,285 and then at $ 25.50. Next support is seen at the lowest level of the night at $ 24,625 and then at $ 24.55. Wyckoff Market Assessment: 5.5.

Disclaimer: The views expressed in this article are those of the author and may not reflect them Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. or the author guarantees such accuracy. This article is for informational purposes only. It is not a solicitation to make any exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article does not accept liability for losses and / or damages arising from the use of this publication.

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