SPOT MARKET IS OPEN (WILL CLOSE IN 6 HRS. 34 MINS. )
Live Spot Gold
Bid/Ask
1,993.301,994.30
Low/High
1,988.802,030.40
Change
-26.20-1.30%
30daychg
-55.40-2.70%
1yearchg
+137.10+7.39%
Silver Price & PGMs
(Kitco News, Tues. Feb. 13th, 2024) – Gold and silver prices are moderately higher in early U.S. trading Tuesday. Metals traders and the general marketplace are awaiting an important U.S. inflation report due out shortly. April gold was last up $9.00 at $2,042.00. March silver was last up $0.188 at $22.955.
The U.S. economic data point of the day Tuesday is the consumer price index report for January, seen coming in at up 2.9%, year-on-year, compared to a rise of 3.4% in the December report. Other data out today includes the weekly Johnson Redbook retail sales report, the NFIB small business.
Asian and European stock markets were mixed to weaker in overnight trading. China is celebrating its Lunar New Year holiday this week. Many China markets are closed much of this week for the annual holiday. U.S. stock index futures are set to open lower today on profit taking after hitting record highs Monday.
The key outside markets today see the U.S. dollar index slightly lower. Nymex crude oil prices are higher and trading around $77.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently fetching 4.166%.
Technically, the gold futures bulls have the slight overall near-term technical advantage. Bulls’ next upside price objective is to produce a close in April futures above solid resistance at $2,100.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $2,000.00. First resistance is seen at $2,050.00 and then at last week’s high of $2,059.10. First support is seen at the overnight low of $2,030.20 and then at this week’s low of $2,025.40.
The silver bears have the overall near-term technical advantage. Prices are in a nine-week-old downtrend on the daily bar chart. Silver bulls’ next upside price objective is closing March futures prices above solid technical resistance at $24.00. The next downside price objective for the bears is closing prices below solid support at the October low of $21.17. First resistance is seen at this week’s high of $23.15 and then at $23.445. Next support is seen at this week’s low of $22.575 and then at last week’s low of $22.195.
Posted by:
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com