Live Spot Gold
SPOT MARKET IS OPEN
closes in 6 hrs. 19 mins.Nov 10, 2020 10:41 NY Time
| Bid/Ask | 1879.40 / 1880.40 | |
| Low/High | 1866.80 / 1890.20 | |
| Change | +15.70 | +0.84% |
| 30daychg | -51.20 | -2.65% |
| 1yearchg | +420.60 | +28.83% |
| Alerts Charts |
Silver Price & PGMs
Nov 10, 2020 10:41 NY TimeKitco 10AM Silver Fix
| Silver | 24.18 | +0.09 |
| Platinum | 869.00 | +9.00 |
| Palladium | 2348.00 | -22.00 |
| Rhodium | 12000.00 | 0.00 |
(Kitco, Tues. Nov. 10th, 2020) – Nothing has fundamentally changed in the economy to warrant a sustained rally in the stock markets, said Gareth Soloway, chief market strategist at InTheMoneyStocks.com, speaking with Kitco News at 3:45 pm EST on Monday.
“I don’t believe anything major has changed. We knew a vaccine was going to come, the projections are still first quarter, early second quarter,” he said. “The same thing with Biden coming into the White House, it doesn’t change a lot of the economics of the market, so it does concern me and I used it to put on shorts today.”
The Dow Jones rallied 800 points in the biggest single day gain in 5 months on Monday following Pfizer’s announcement that their COVID-19 vaccine is 90% effective.
Soloway added that while retail traders reacted positively to the news on market open and have been the primary group driving prices higher, institutional investors have been using the opportunity to unload positions and take profits.
“Any time we have a gap up, it’s the institutions gapping that market up. So what’s going on is the small investor got very excited since the open, the Robinghood traders, etc., but the institutions have been selling into it,” he said.
Soloway took profits this morning on big moves in stocks like JP Morgan.
“Any time you get an extended move like this where you’re so short-term overbought, and I’m just talking about the last week and it has been a massive move, you have to think like a shorter trader, because in my mind I’m always thinking to myself, give me a pullback and I’ll re-buy, but I always like to pocket those profits,” he said.
On gold, Soloway said that long-term, the metal can hit $3,000 an ounce in two years’ time.
Gold, Silver bounce back from Monday’s Losses
(Kitco News, Tues. Nov. 10th, 2020) – Gold and silver futures prices are posting decent gains Tuesday morning, following the strong losses posted Monday. The precious metals bulls are now trying to steady their markets and working to prevent more serious chart damage from being inflicted. December gold futures were last up $21.00 at $1,875.00 and December Comex silver was last up $0.44 at $24.145 an ounce.
The gold market Monday saw strong losses that were the worst in seven years and pushed prices to nine-week lows. Gold market bulls on Tuesday are focusing more on the economic impact of record-setting monetary stimulus measures that have been enacted by central banks over the past six months, and probably more stimulus in the coming months. This scenario seems to be inviting some serious price inflation down the road—especially as recovering major world economies shift into higher gears in the coming months.
Global stock markets were mostly up overnight, whiled U.S. stock indexes are also mixed to firmer ahead of the New York day session. The marketplace euphoria is not quite as strong Tuesday, following Monday’s news that a successful vaccine has been found for Covid-19. While that news is certainly a bright light in a dark period for the world, the markets on Tuesday are realizing there is still a very rough patch that lies ahead in dealing with the pandemic, both for major economies and human health.
U.S. Treasury bond and note yields have risen to eight-month highs this week, on the prospects for a solid U.S. economic recovery in 2021. The yield on the benchmark 10-year U.S. Treasury note is currently fetching 0.94%.
The U.S. dollar index is slightly higher early today on a corrective bounce after hitting a nine-week low Monday. The other important outside market sees crude oil prices higher and trading around $40.50 a barrel.
U.S. economic data due for release Tuesday includes the weekly Johnson Redbook and Goldman Sachs retail sales reports, and the IBD/TIPP economic optimism index.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically, the December gold futures bulls still have the overall near-term technical advantage but are fading this week. Bulls’ next upside price objective is to produce a close in December futures above solid resistance at this week’s high of $1,966.10. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at Monday’s low of $1,848.00. First resistance is seen at the overnight high of $1,888.90 and then at $1,900.00. First support is seen at the overnight low of $1,858.90 and then at $1,848.00.
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com