Gold's Volatility Reflects Banking Crisis Fears.

Gold and silver prices hit new highs amid the shaky global marketplace due to the US and European banking crisis. However, profit-taking pressure and chart consolidation caused a slight pullback from the overnight highs. The technical charts remain bullish for gold and silver, inviting chart-based speculators to the long sides. The Federal Reserve's FOMC meeting is the focus of the market, with most market watchers leaning towards a 0.25% rate increase. The US dollar index is lower, and Nymex crude oil futures prices hit a 15-month low. May silver futures bulls have the overall near-term technical advantage, while copper bears have the overall near-term technical advantage.