SPOT MARKET IS OPEN (WILL CLOSE IN 4 HRS. 28 MINS. )
Live Spot Gold
Bid/Ask
2,380.802,381.80
Low/High
2,369.602,396.60
Change
-4.20-0.18%
30daychg
-9.30-0.39%
1yearchg
+398.40+20.10%
Silver Price & PGMs
(Kitco News, Thurs. May 16th, 2024) – Gold prices are lower and silver modestly up near midday Thursday. Both precious metals are pausing after recent gains. Gold prices hit a four-week high overnight and silver a five-week high. June gold was last down $12.70 at $2,382.20. July silver was last up $0.051 at $29.78.
It was another busy day for U.S. economic data Thursday, with the data a mixed bag that contained no big surprises to significantly move the markets.
U.S. stock indexes are firmer near midday and hit new record highs after Wednesday’s slightly cooler-than-expected U.S. CPI report. The rally in the stock market (a competing asset class with the safe-haven metals) is a bearish daily element for gold and silver.
The key outside markets today see the U.S. dollar index firmer. Nymex crude oil prices are up and trading around $79.25 a barrel. The yield on the benchmark 10-year U.S. Treasury note is fetching around 4.4%.
Technically, June gold futures prices hit a four-week high early on today. The bulls have the solid overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at the record high of $2,448.80. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $2,300.00. First resistance is seen at today’s high of $2,402.70 and then at $2,415.00. First support is seen at Wednesday’s low of $2,357.10 and then at $2,350.00.
July silver futures prices hit a five-week high early on today. The silver bulls have the solid overall near-term technical advantage. Silver bulls’ next upside price objective is closing prices above solid technical resistance at the contract high of $30.19. The next downside price objective for the bears is closing prices below solid support at this week’s low of $28.185. First resistance is seen at $30.00 and then at $30.19. Next support is seen at today’s low of $29.555 and then at $29.00
Posted by:
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com