Welcome to Kitco News’ 2023 Outlook Series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into a recession to cool down inflation. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2023. (Kitco News) – Gold prices are lower and silver well down from its daily high in midday US trading Thursday. Profit taking from the shorter-term futures traders is featured in both metals after gold hit a nine-month high and silver a four-week high overnight. A rebound in the US dollar index today after its pounding Wednesday is also a bearish daily outside market element for the precious metals. Still, both gold and silver are in firm near-term technical control. April gold was last down $10.10 at $1,932.70 and March silver was up $0.036 at $23.65. The marketplace Thursday was still digesting Wednesday afternoon’s FOMC statement and Fed Chair Jerome Powell’s press conference. The Fed raised the Fed funds rate range by 0.25%, as widely expected. However, Powell’s remarks at his presser led the marketplace to believe the Fed is close to ending its string of interest rate increases. Powell said inflation is receding but needs to pull back farther. He mentioned the word “disinflation” as characterizing the present US economic conditions. Most agreed that in the final assessment, Powell was not nearly as hawkish as he had been in recent FOMC press conferences and left the door open to a Fed “pivot” sooner rather than later. Today was the regular monetary policy meetings of the European Central Bank and the Bank of England, which saw both central banks raise their main interest rates by 0.5%. The moves were not unexpected. Focus now turns to Friday morning’s January US employment situation report from the Labor Department. The key non-farm payrolls number is expected to be up 187,000 jobs, following a rise of 223,000 in the December report. The key outside markets today see the US dollar index higher but it hit a nine-month low overnight. Nymex crude oil futures prices are a bit firmer and trading around $76.50 a barrel. Meantime, the yield on the benchmark US 10-year Treasury note is currently fetching 3.365%. Technically, April gold futures prices hit a nine-month high early on today and then reversed course to score a bearish “outside day” down on the daily bar chart. Bulls still have the solid overall near-term technical advantage. A three-month-old uptrend is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $2,000.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,900.00. First resistance is seen at $1,950.00 and then at today’s high of $1,975.20. First support is seen at $1,925.00 and then at this week’s low of $1,915.50. Wyckoff’s Market Rating: 8.0 March silver futures prices hit a four-week high early on today. The silver bulls have the overall near-term technical advantage. However, trading has been choppy and sideways at higher levels. Silver bulls’ next upside price target is closing prices above solid technical resistance at the January high of $24,775. The next downside price target for the bears is closing prices below solid support at $22.00. First resistance is seen at $24.00 and then at last week’s high of $24.415. Next support is seen at this week’s low of $23.05 and then at the January low of $22.845. Wyckoff’s Market Rating: 6.5. March NY copper closed down 35 points at 410.75 cents today. Prices closed near the session low and hit a three-week low today. The copper bulls have the firm overall near-term technical advantage but are fading a bit. A four-month-old uptrend on the daily bar chart has stalled out. Copper bulls’ next upside price target is pushing and closing prices above solid technical resistance at the January high of 435.50 cents. The next downside price target for the bears is closing prices below solid technical support at 395.00 cents. First resistance is seen at 420.00 cents and then at this week’s high of 424.90 cents. First support is seen at this week’s low of 410.25 cents and then at 405.00 cents. Wyckoff’s Market Rating: 7.0. Disclaimer: The 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. It is not a request to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/or damages arising from the use of this publication.