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Gold prices are slightly down and silver prices are near steady in early US trading yesterday. The safe-haven metals bulls are trying to stop the recent price downdrafts that have produced some near-term technical damage. Gold hit five-week low Monday, while silver hit a nine-week bottom. April gold futures were last up $0,60 an ounce at $1,288.20. May Comex silver was last up $0,035 at $15,14 an ounce.
Upbeat trader and investor risk appetites in recent weeks finally pulled down gold and silver prices after they had been able to hold their own and even rally in the face of the risk-on attitudes. As long as world stock markets remain in near-term price uptrends it will be difficult for gold and silver markets to sustain rallies. However, there are some very early technical clues the US stock indexes might be seeing their price uptrends starting to “roll over.” Price action the rest of this week will be extra important for the US stock indexes, and in turn the fortunes of gold and silver bulls.
Asian and European stock markets were mixed overnight. US stock indexes are pointed toward slightly higher openings when the New York day session begins.