Gold and silver prices are trading near unchanged levels in midday U.S. trading on Thursday. Slight profit-taking after gains recorded earlier this week was responded to by bulls buying on dips to lift prices back to near steady levels. Short-term traders have probably been mostly on the sidelines ahead of Friday's U.S. jobs report. Gold for April was last up $0.80 at $2,925.20. Silver prices for May were last up $0.136 at $33.27.

The U.S. data of the week will be the Labor Department's employment report, which will be released Friday morning for February. The key nonfarm payrolls number is expected to increase by 170,000, up from the 143,000 increase in the January report.

U.S. stock indexes are solidly lower at midday. Risk aversion has risen again today, amid the specter of a tit-for-tat game with tariffs from major countries that could push the global economy into a recession. David Morrison of Trade Nation said in an email today, "President Trump has put everyone on notice and said he is willing to take some pain to get what he wants. Tariffs may have been the trigger for the latest recession, but they are not the only story. Speculation is growing that the U.S. could start a recession this year. GDP growth forecasts have been sharply downgraded, while inflation remains well above the Fed's 2% target. Recent economic data releases have disappointed, particularly consumer confidence, retail sales and weekly jobless claims."

In other news, the European Central Bank cut its main interest rate by 0.25%, as expected.

Major foreign markets today see the U.S. dollar weaken and hit another four-month low. Nymex crude oil futures prices are down slightly and are trading around $66.25 a barrel. The yield on the benchmark 10-year US Treasury bond currently stands at 4.30%.

Technically, the bulls in April gold futures have a solid overall near-term technical advantage. The next bullish price objective for the bulls is to produce a close above solid resistance at the contract high of $2,974.00. The next short-term bearish price objective for the bearish is to push futures prices below solid technical support at last week's low of $2,844.10. First resistance is seen at this week's high of $2,941.30 and then at $2,950.00. First support is seen at $2,900.00 and then at Tuesday's low of $2,892.50. Wyckoff Market Rating: 8.0.

May silver futures bulls have a slight overall near-term technical advantage. The next upside price target for silver bulls is to close prices above solid technical resistance at the February high of $34.56. The next downside price target for the bearish is to close prices below solid support at $31.00. First resistance is seen at $33.50 and then at $34.00. Next support is seen at Wednesday's low of $32.395 and then at $32.00. Wyckoff Market Rating: 5.5.

Jim Wyckoff, Kitco