Gold, Silver Bulls Out Of The Chute In Good Fashion To Start 2020

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Silver Price & PGMs

Jan 02, 2020 12:54 NY TimeKitco 10AM Silver Fix

Silver	17.97	+0.15
Platinum	975.00	+11.00
Palladium	1936.00	+13.00
Rhodium	5610.00	+30.00

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(Kitco, Thurs. Jan. 2nd, 2020) – Gold and silver prices are modestly higher in midday U.S. futures trading Thursday, with gold hitting a new three-month high. With the new year under way and the charts looking the most positive they’ve been in months, look for some more technical-based buying from speculators in the coming days and weeks, including the big “fund” traders. A weakening U.S. dollar on the world foreign exchange market recently is also working in favor of the precious metals market bulls. February gold futures were last up $4.60 an ounce at 1,527.60. March Comex silver prices were last up $0.134 at $18.055 an ounce.

Trader and investor attitudes remain upbeat, due in large part to the world’s two largest economies, the U.S. and China, seeing a major thaw in the more-than-two-year-old trade war that has slowed global economic growth. A partial trade deal is set to be signed on January 15th.

China’s central bank eased its monetary policy on Wednesday by lowering its banks’ reserve requirement ratios, which will put more money into China’s financial system. That news also worked to boost world equity markets.

The was major protesting in Hong Kong to start the new year, with reports saying more than 400 civilians were arrested and police using pepper spray and water cannons. This matter could again become a front-burner issue for the marketplace, especially if mainland China gets more involved in quelling the protesters.

A feature in the marketplace during the holiday season has been many currencies rallying significantly against the U.S. dollar. The U.S. dollar index did rebound today from a five-month low hit earlier this week. The other key “outside market” today sees Nymex crude oil prices near steady and trading around $61.00 a barrel.

Technically, the gold bulls have the overall near-term technical advantage as an accelerating price uptrend is in place on the daily chart. Bulls’ next upside price objective is to produce a close in February futures above solid resistance at $1,550.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,500.00. First resistance is seen at today’s high of $1,534.00 and then at $1,540.00. First support is seen at today’s low of $1,519.70 and then at this week’s low of $1,513.50. Wyckoff’s Market Rating: 6.5

Stocks up, bode well for 2020

If investors are uncertain what this year will bring, they certainly aren’t showing it during 2020’s first full trading day. Blue-chip and tech shares are perched near session highs, with the Dow adding over 200 points at midday:

12:45 p.m. ET: Stocks add to gains as rally rolls on

• S&P 500 (^GSPC): 3,244.39, up 12.87 points or 0.40%
• Dow (^DJI): 28,651.35, up 203.23 points or 0.71%
• Nasdaq (^IXIC): 9,045.47, up 68.13 or 0.76%

9:45 a.m. ET: Markit U.S. Manufacturing PMI

IHS Markit final U.S. Manufacturing Purchasing Managers’ Index (PMI) reading ticked slightly lower to 52.4 during the month of December, from 52.6 in November. December’s data illustrated a sustained improvement in operating conditions in the manufacturing sector, according to IHS Markit.

“The latest data indicated a modest improvement in the health of the U.S. manufacturing sector. The final quarterly average of 2019 was in fact the strongest since the opening three months of the year,” IHS Markit said in a statement.

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9:30 a.m. ET: Stocks open higher, Dow surges 100+ points

Stocks soared at the open Thursday on the first trading day of the new year.

Here were the main market moves, as of the market open:

• S&P 500 (^GSPC): 3,244.39, up 13.61 points or 0.42%
• Dow (^DJI): 28,651.35, up 112.91 points or 0.40%
• Nasdaq (^IXIC): 9,045.47, up 72.87 or 0.81%
• Crude oil (CL=F): $61.15 per barrel, up $0.09 or 0.15%
• Gold (GC=F): $1,531.10 per ounce, up $8 or 0.53%

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8:30 a.m. ET: Initial jobless claims tick lower

The U.S. Labor Department announced Thursday morning that 222,000 Americans filed for unemployment benefits the week ended Dec. 28. The prior week’s figure was revised upward to 224,000 from 222,000 claims previously reported. Economists surveyed by Bloomberg expected initial jobless claims to total 220,000 for the week.

Posted by,

Jack Dempsey, President

401 Gold Consultants LLC

jdemp2003@gmail.com