Gold and Silver Prices Experience Routine Profit Taking Amid Banking Worries and Market Exhaustion.
Gold and silver prices experience profit-taking and corrective pullbacks after reaching five-week highs. The Swiss central bank has provided financial support to Credit Suisse, causing its stock price to jump 20%. The European Central Bank raised its main interest rate by 50 basis points, while the Federal Reserve's FOMC meeting next week has sparked debate on whether to raise its main interest rate by 25 basis points or stand pat amid the banking crises. The US dollar index is slightly weaker, while Nymex crude oil futures prices are slightly firmer. April gold futures bulls still have the solid overall near-term technical advantage, while May silver futures bulls have the overall near-term technical advantage.