Live Spot Gold
Bid/Ask
2,756.302,757.30
Low/High
2,741.002,763.20
Change
+11.80+0.43%
30daychg
+142.70+5.46%
1yearchg
+733.20+36.23%
Silver Price & PGMs
(Kitco News, Wed. Jan. 22nd, 2025) – Gold prices are a moderately higher and hit a 2.5-month high in early U.S. trading Wednesday, boosted by safe-haven buying as U.S. President Trump “is shaking things up” as the world marketplace nervously watches. A weakening U.S. dollar index and stabilizing U.S. Treasury yields are also bullish outside-market elements for the precious metals. February gold was last up $10.40 at $2,769.60. March silver was up $0.004 at $31.50.
Asian shares saw pressure from Trump threatening to impose a 10% tariff on all Chinese imports starting on February 1. European stock indexes the Euro Stoxx 50, German DAX and U.K.’s FTSE 100 all hit new record highs. So far, Europe and the U.K. have not been mentioned by Trump as tariff targets.
European shares mostly up overnight. U.S. stock indexes are set to open firmer and at multi-week highs when the New York day session begins.
The key outside markets today see the U.S. dollar index modestly lower. Nymex crude oil futures prices are near steady and trading around $76.00 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.56%.
U.S. economic data due for release Wednesday includes the MBA mortgage applications survey, the weekly Johnson Redbook retail sales report, and leading economic indicators.
Technically, February gold futures bulls have the solid overall near-term technical advantage. Prices are trending up on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the contract high of $2,826.30. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $2,675.00. First resistance is seen at $2,775.00 and then at $2,800.00. First support is seen at the overnight low of $2,756.20 and then at $2,750.00.
March silver futures bulls have the overall near-term technical advantage. Prices are trending up on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at the December high of $33.33. The next downside price objective for the bears is closing prices below solid support at $30.00. First resistance is seen at the overnight high of $31.71 and then at $32.00. Next support is seen at $31.00 and then at this week’s low of $30.77.
Posted by:
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com