According to Kitco, gold prices fell due to some short-term futures traders taking profits and when US stock indexes increased sharply at the beginning of the week. A stronger USD index is also a slight peripheral factor that has a negative impact on gold. Gold futures for April fell $6 to $3.015.6 an ounce.
Gold prices fell partly due to pressure from US stock indexes to increase sharply and reach a three-week high. Today's price movements suggest that these indicators may have hit a short-term bottom. If these bottoms form, it will be a factor to reduce the price of safe-haven precious metals such as gold and silver.
Technically, April gold speculators are having a strong near-term technical advantage. The next upside price target for speculators is to close above the resistance level of $3,100/ounce.
The next downside target for the bears is to push gold prices below the solid support level at $2,900/ounce. The first resistance level was 3,050 USD/ounce and then the contract high of 3,065.2 USD/ounce. The first support level was last night's low of $3,009.8/ounce and then $3,000/ounce.
silver speculators in May have a short-term technical advantage. The next upside price target for speculators is to close above a solid resistance level at the March high of $35/ounce.
The next downside target for the bears is to close below the solid support level at 32.215 USD/ounce. The first resistance level was $34/ounce and then $34.5/ounce. The next support level was last week's low of 33.165 USD/ounce and then 33 USD/ounce.
Key external factors today saw the USD index strengthen and reach a three-week high. Nymex crude oil prices increased and traded around 69.25 USD/barrel. The yield on the benchmark 10-year US government bond is currently at 4.315%. Recent growth in bond yields is a negative factor for gold and silver prices.
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