GOLD SPOT MARKET IS OPEN
closes in 4 hrs. 46 mins. Apr 14, 2020 12:14 NY Time
| Bid/Ask | 1737.90 / 1738.90 | |
| Low/High | 1703.20 / 1749.80 | |
| Change | +25.00 | +1.46% |
| 30daychg | +208.00 | +13.60% |
| 1yearchg | +448.10 | +34.74% |
| Alerts Charts |
Silver Price & PGMs
Apr 14, 2020 12:14 NY Time Kitco 10AM Silver Fix
| Silver | 15.61 | +0.25 |
| Platinum | 771.00 | +22.00 |
| Palladium | 2138.00 | +25.00 |
| Rhodium | 4800.00 | +800.00 |
Click on the metal names to
see the associated charts
(Kitco News, Tues. April 14th, 2020) – Gold futures prices are trading narrowly on both sides of unchanged in early U.S. trading Tuesday after scoring another 7.5-year high, at $1,785.00 overnight, basis June Comex futures. Gold bulls are enjoying the strong near-term technical advantage to continue to suggest more upside for the yellow metal in the near term. Safe-haven demand continues to boost gold, and to a lesser degree silver, as the global economy is still on very shaky ground. June gold futures were last down $0.90 an ounce at $1,760.20. May Comex silver prices were last up $0.388 at $15.925 an ounce.
Global stock markets were mostly higher in overnight trading. U.S. stock indexes are pointed toward higher openings when the New York day session begins. More and more it appears North America and Europe have “turned the corner” on the Covid-19 pandemic. New York Governor Cuomo said Monday his state has seen the worst of the pandemic. Other hotspots in the U.S. have also showed signs of simmering down. Leading U.S. health
officials are now saying the world’s largest economy can very likely begin to reopen in stages beginning in May.
Major corporate earnings reports are now starting to be released, which will show the early impact of the Covid-19 pandemic, and be a sobering reminder of the tough economic times at present.
In overnight news, China, the world’s second-largest economy, saw its March exports down 6.6%, year-on-year, which was less than expected. Imports were down 0.9% in the period, also way less than expected. China watchers deemed this data as upbeat, showing the Chinese economy is recovering from the pandemic.
The important markets today see Nymex crude oil prices trading lower, around $22.00 a barrel. Oil market bulls are sorely disappointed the weekend OPEC and other major oil producers agreement to restrict oil output did not boost crude oil futures prices. However, there is no consensus on how much oil production will be reduced. Some market watchers think 10 million barrels a day and the more optimistic bulls think 20 million. There is more agreement among analysts that worldwide oil demand has dropped by at least 20 million barrels a day.
Meantime, the U.S. dollar index is weaker again this morning. The 10-year U.S. Treasury note yield is trading around 0.75% this morning.
U.S. economic reports due for release Tuesday includes the weekly Goldman Sachs and Johnson Redbook retail sales reports, and import and export prices. A few Federal Reserve officials are slated to give speeches today.
Technically, the gold bulls have the strong overall near-term technical advantage amid a price uptrend in place on the daily, weekly and monthly charts. That strongly suggests the path of least resistance for prices will remain sideways to higher for at least the near term and probably longer. Bulls’ next upside price objective is to produce a close in June futures above solid resistance at $1,800.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,700.00. First resistance is seen at the overnight high of $1,785.00 and then at $1,800.00. First support is seen at $1,750.00 and then at Monday’s low of $1,724,20.
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com