(Kitco News) – Gold and silver prices are solidly higher in midday U.S. trading Monday, with gold hitting a three-month intra-day high and silver a two-month peak. Nearby Comex gold futures are set to close at a record-high close today. The all-time intra-day high in nearby gold futures was set in December of last year, at $2,130.20. Technical buying is featured today as the near-term charts have quickly turned bullish for both metals. There are also growing notions the Federal Reserve could begin to lower U.S. interest rates in June. April gold was last up $28.80 at $2,124.50. May silver was last up $0.606 at $23.97.

U.S. stock index futures are slightly lower after midday after setting record highs last week.

This week sees China’s National People’s Congress, including the Chinese People’s Political Consultative Conference. Broker SP Angel said in an email dispatch today: “We expect more rhetoric on transitioning the economy towards high-tech industries and pulling of economic levers. We do not expect to see any particular form of quantitative easing but we do see policies to acquire and finish the construction of many property developments.” China’s economic growth target may be revised to a range of 4.5-5.0%, according to Oxford Economics.

The key outside markets today see the U.S. dollar index just a bit weaker. Nymex crude oil prices are down and trading around $79.00 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently fetching 4.221%.

There was no major U.S. economic data due for release Monday. However, the data pace picks up the rest of the week, including Fed Chairman Powell addressing Congress on Wednesday and Thursday, and the monthly U.S. employment report on Friday.

Technically, April gold futures prices hit a three-month high today. Nearby gold futures also closed at a record-high close today. The bulls now have the solid overall near-term technical advantage. A three-week-old uptrend is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the record high of $2,130.20, basis nearby futures. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $2,050.00. First resistance is seen at $2,130.20 and then at $2,150.00. First support is seen at $2,100.00 and then at today’s low of $2,127.60. Wyckoff’s Market Rating: 8.0.

May silver futures prices hit a two-month high today. The silver bulls have the overall near-term technical advantage and have momentum. Silver

bulls’ next upside price objective is closing prices above solid technical resistance at $25.00. The next downside price objective for the bears is closing prices below solid support at last week’s low of $22.47. First resistance is seen at today’s high of $24.05 and then at $24.50. Next support is seen at $23.50 and then at today’s low of $23.23. Wyckoff’s Market Rating: 6.5.

May N.Y. copper closed up 65 points at 385.50 cents today. Prices closed nearer the session low today. The copper bulls have the slight overall near-term technical advantage. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at the December high of 388.80 cents. The next downside price objective for the bears is closing prices below solid technical support at the February low of 367.95 cents. First resistance is seen at today’s high of 388.80 cents and then at last week’s high of 391.70 cents. First support is seen at last week’s low of 381.80 cents and then at 378.00 cents. Wyckoff’s Market Rating: 5.5.

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