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.prices are sharply lower in early U.S. trading Tuesday.
In overnight news, the Bank of Japan confirmed it intervened significantly in the foreign exchange market Monday to support the yen. The key outside markets today see the U.S. dollar index modestly up. Nymex crude oil prices are slightly up and trading around $82.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is fetching 4.634%.
The silver bulls have the overall near-term technical advantage but are fading again. A price uptrend on the daily bar chart has stalled out. Silver bulls' next upside price objective is closing May futures prices above solid technical resistance at $28.00. The next downside price objective for the bears is closing prices below solid support at $25.00. First resistance is seen at $27.00 and then at this week’s high of and then at $27.44. Next support is seen at $26.50 and then at $26.25.
Follow Jim daily on Kitco.com as he provides both AM and PM roundups and a daily Technical Special. 1 877 963-NEWS jwyckoff at kitco.comThe views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only.
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