Gold, silver down on profit taking, firmer USDX

Gold and silver are lower near midday Wednesday on profit-taking by short-term futures traders, with a firmer U.S. dollar index adding headwinds. April gold was last down $57.20 to $5,183.40, while May silver fell $4.172 to $85.445. The February U.S. CPI print was broadly in line and did not materially move markets: headline CPI +0.3% m/m and +2.4% y/y; core +0.2% m/m and +2.5% y/y. Outside markets show USD higher, Nymex crude up around $86.50/bbl, and the U.S. 10-year yield near 4.2%. Key technical levels: for April gold, bulls’ next objective is a close above last week’s high/resistance at $5,434.10, while bears target a break below $5,000. Initial resistance is $5,248.70 then $5,300; support sits at $5,127.10 then $5,100 (Wyckoff rating 7.0). For May silver, bulls target $95.86, bears target a close below $71.815; resistance is $90.385 then $92.50, with support at $84 then $82 (Wyckoff rating 5.5). Near-term catalysts remain USD direction and rates volatility following the CPI print, with the $5,000 (gold) and $84/$82 (silver) supports the immediate downside pivots to monitor.