Gold firmer on safe-haven demand, higher Crude Oil

(Kitco News) - COMEX futures gold prices traded slightly higher Wednesday morning, as the world's most important events in recent times the market will continue to underpin demand for safe-haven investment. However, markets in general are quieter so far this week. Comex April gold traded at $ 6.20 an ounce to $ 1433.80. Spot gold traded at $ 5.00 to $ 1,434.25.
Gold futures prices are hovering just below the record high set in early March, while silver futures prices are holding just below a high hit 31, at the same time. Whilst markets in general, are more tranquil provisions of this week, recent disturbing events in the world market have not disappeared. It's about keeping a supply in the market prices of precious metals and limiting the sale of interests among traders and investors. Do not be surprised to see new, unexpected and market-moving twists and turns on the Middle East and the situations in Japan, which will follow the eyes of all operators. Moreover, the major European Union issues of sovereign debt is a factor underlying bullish for precious metals. This week, Portugal is in the spotlight as an austerity measure voting is out there.
The U.S. dollar index trade is higher in the morning, short covering in a bear market. The June futures contract hit another new low on Tuesday. U.S. index U.S. dollar still has solid leads overall technical advantage, which remains an underlying factor bullish for precious metals markets.
Oil prices are higher in the morning, and trade above $ 105.00 a barrel. The inflationary impact of high crude oil prices also positive for precious metals bull market. Veteran observers of the gold market also has "the chickens have come home to roost" with respect to inflationary pressures after major central banks around the world have unleashed a flood of foreign currency in the market the last two years.
U.S. economic data due for release on Wednesday includes the weekly MBA mortgage applications survey, sales of new homes and houses the weekly report of the DOE energy stocks.
London Gold AM fixing was $ 1,433.00 compared with the previous prime minister setting $ 1,426.00.
Technically, April Comex gold futures prices are currently trading not that far below the record high of $ 1445.70, obtained in early March. Bulls have regained the short term upside technical momentum and have strong technical advantage in the short term and long term in the gold market. Bulls with short-term upside technical objective is to produce a close above technical resistance consisting of $ 1,445.70. Bears with short-term price target to boot is low and closing prices below solid technical support at $ 1,400.00. First resistance is seen at this week is $ 1,435.10 and $ 1,445.70. First support is the overnight low of $ 1,425.80 and this week's low of $ 1,419.50.
The May silver futures traded at 32.6 cents at $ 36.595 an ounce on Wednesday. The solid silver bulls have general technical advantage in the short term and longer term. The downward price starting next objective for the bears is closing prices below solid technical support at $ 35.00. Bulls' next upside price objective is producing a close above solid technical resistance at the top of $ 36,745 an ounce in March. First resistance is seen at $ 36,745 and then to $ 37.00. The next support is seen at the overnight low of 36.15 dollars on Tuesday low of $ 35.76.

(Source: http://www.commodityonline.com/futures-trading/technical/Gold-firmer-on-safe-haven-demand-higher-Crude-Oil-22764.html)