Live Spot Gold
SPOT MARKET IS OPEN
closes in 5 hrs. 47 mins.Mar 24, 2020 11:13 NY Time
| Bid/Ask | 1607.90 / 1617.90 | |
| Low/High | 1556.50 / 1689.80 | |
| Change | +56.70 | +3.66% |
| 30daychg | -35.10 | -2.14% |
| 1yearchg | +294.50 | +22.42% |
| Alerts Charts |
Silver Price & PGMs
Mar 24, 2020 11:13 NY TimeKitco 10AM Silver Fix
| Silver | 13.99 | +0.72 |
| Platinum | 686.00 | +46.00 |
| Palladium | 1837.00 | +172.00 |
| Rhodium | 4000.00 | +2000.00 |
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see the associated charts
(Kitco News, Tuesday. March 24th, 2020) – Gold and silver prices are trading sharply up in early U.S. trading Tuesday, with April Comex gold futures spiking to a high of $1,698.00 before backing off to presently trade around $1,675.00. Comex silver futures shot to a high of $14.33 and are presently trading around $13.80. Trading has been wild Tuesday morning amid unconfirmed reports that London spot gold price quotes have become unreliable or have been pulled as U.K. market-makers shut down due to the Covid-19 outbreak and the U.K. government ordering the country on lock-down. Apparently, big gold traders and commercials in Europe who normally base their trading decisions on the London spot price rushed to buy Comex gold futures when they could not get London what they felt were accurate London spot gold prices. One long-time gold market watcher blamed the media for examining March Comex futures, which expire soon and have very little open interest and whose price would be extra volatile amid little liquidity. Importantly, as of this writing, there was no confirmation of this matter as traders try to sort the confusion out. April gold futures were last up $101.00 an ounce at $1,668.70. May Comex silver prices were last up $0.519 at $13.775 an ounce.
Global stock markets were higher in overnight trading. U.S. stock index futures are presently pointed toward sharply higher to limit-up openings when the New York electronic day session begins. It appears the world stock markets took a more bullish stance toward the Federal Reserve’s “atomic bomb” monetary stimulus moves Monday morning than did the U.S. markets. However, the U.S. stock index futures played catch-up overnight with the big to limit-up gains.
In overnight news, the U.K. is now locked down to control the Covid-19 outbreak. U.S. airlines are now considering halting all flights, but many believe that won’t occur. The buzz in Washington, D.C. and around the U.S. on Tuesday is on when the U.S. will reopen for business and if “the cure is worse than the sickness” regarding coronavirus and the U.S. economy grinding to a halt. President Trump appears to be getting very uneasy the longer the economy is shut down—especially in this presidential election year.
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Technically, the gold bulls have seized the overall near-term technical advantage with this week’s huge gains. Bulls’ next upside price objective is to produce a close in April futures above solid resistance at the March high of $1,704.30. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at the overnight low of $1,560.50. First resistance is seen at the overnight high of $1,698.00 and then at $1,704.30. First support is seen at $1,650.00 and then at $1,645.00.
May silver futures bears still have the overall near-term technical advantage but this week’s gains suggest a market bottom is in place. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $15.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the March low of $11.64. First resistance is seen at the overnight high of $14.33 and then at $14.50. Next support is seen at the overnight low of $13.22 and then at $13.00.
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com