Gold price solidly up amid friendly outside markets

Kitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity. Our goal is to help people make informed market decisions through in-depth reporting, daily market roundups, interviews with prominent industry figures, comprehensive coverage of important industry events and analyses of market-affecting developments.are posting good gains in early U.S. trading Tuesday, supported by a weaker U.S.

In other news, the London Metals Exchange has increased margins on copper and aluminum alloy trading in an effort to try to curb speculation in the copper market. “The LME is almost certainly dissuading speculation in copper with long positions now at a two-year high and volumes last week at three-year highs. With many of the world’s traders lining up to propel copper higher the LME is acting early to dampen excessive speculation,” said broker SP Angel.

Technically, the gold futures bulls have the solid overall near-term technical advantage. A five-week-old uptrend is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close in April futures above solid resistance at the record high of $2,225.30. Bears' next near-term downside price objective is pushing futures prices below solid technical support at last week’s low of $2,149.20. First resistance is seen at $2,203.00 and then at the contract high of $2,225.

Jim is the proprietor of the"Jim Wyckoff on the Markets" analytical, educational and trading advisory service. Jim also worked as a technical analyst for Dow Jones Newswires and as the senior market analyst with TraderPlanet.com. Jim is also a consultant with the highly respected"Pro Farmer" agricultural advisory service. Jim was also the head equities analyst at CapitalistEdge.com.

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Gold Traders Await CPI Report Impact on Gold PricesGold traders and investors are closely watching the upcoming CPI report as it will have a significant impact on various financial sectors, including gold prices. The recent trading activity in gold futures has formed a doji candlestick pattern, indicating potential trend reversal or indecision about future prices.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

Gold continues to rise, but technical studies suggest gold is overboughtThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

Alamos Gold targets about 800,000 ounces of gold productionThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

Gold stocks strongly outperform after gold breakoutsThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

GOLD SWOT: Gold Fields approved a $195 million renewable energy project at its St. Ives mineThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

Gold SWOT: Gold’s consolidation after reaching record highs cloud be positive in the longer termThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »