(Kitco News) – Gold prices are solidly higher and hit an eight-month high in early U.S. trading Thursday. Safe-haven demand is featured as reports say a Russian invasion of Ukraine is “imminent.” Silver prices are modestly up, but not yet catching the strong safe-haven bid that gold sees. April gold futures were last up $20.50 at $1,892.10 and March Comex silver was last up $0.16 at $23.765 an ounce.
Risk aversion is keen Thursday on reports that shots have been fired along the Ukraine-Russia border. Reports said Ukrainian troops fired on Russian-backed rebels. Reuters reported that the U.S. said a Russian invasion of Ukraine is “imminent” and that top U.S. diplomats are changing their travel plans. The U.S. earlier said there is no evidence Russia has pulled its troops away from the border, and in fact the U.S. says Russia has added 7,000 more troops.
Global stock markets were mixed to weaker overnight. The U.S. stock indexes are pointed toward weaker openings when the New York day session begins.
The marketplace took some note of the FOMC minutes that were released Wednesday afternoon. The U.S. stocks market was somewhat assuaged as the minutes did not seem as hawkish as some market watchers expected. However, others said the minutes contained no surprises.
The yield on the U.S. 10-year Treasury note is presently fetching 2.014%. The key outside markets today see crude oil prices solidly lower and trading around $91.50 a barrel. The U.S. dollar index is a bit firmer today.
U.S. economic data due for release Thursday includes the weekly jobless claims report, the Philadelphia Fed business survey, and new residential construction. Several Federal Reserve officials are also scheduled to give speeches today.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, the April gold futures bulls have the solid overall near-term technical advantage and gained more power today. Prices are trending up on the daily bar chart. Bulls’ next upside price objective is to produce a close in April futures above solid resistance at the May 2021 high of $1,922.40. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,850.00. First resistance is seen at the overnight high of $1,895.80 and then at $1,900.00. First support is seen at $1,882.50 and then at $1,875.00. Wyckoff’s Market Rating: 8.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
March silver futures bulls have the slight overall near-term technical advantage and are working on a price uptrend on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at the January high of $24.755 an ounce. The next downside price objective for the bears is closing prices below solid support at $22.00. First resistance is seen at the overnight high of $23.865 and then at $24.00. Next support is seen at the overnight low of $23.44 and then at $23.29. Wyckoff’s Market Rating: 5.5.
