Live Spot Gold
SPOT MARKET IS OPEN
closes in 5 hrs. 23 mins.Apr 27, 2020 11:37 NY Time
| Bid/Ask | 1713.50 / 1714.50 | |
| Low/High | 1704.50 / 1729.60 | |
| Change | -16.00 | -0.93% |
| 30daychg | +85.50 | +5.25% |
| 1yearchg | +427.60 | +33.25% |
| Alerts Charts |
Silver Price & PGMs
Apr 27, 2020 11:37 NY TimeKitco 10AM Silver Fix
| Silver | 15.21 | -0.06 |
| Platinum | 759.00 | -7.00 |
| Palladium | 1866.00 | -60.00 |
| Rhodium | 4500.00 | 0.00 |
Click on the metal names to
see the associated charts
(Kitco, Mon. April 27th, 2020) – Gold prices are modestly up in early U.S. trading Monday, amid some chart consolidation. Modest overnight and very early U.S. losses saw traders step in to “buy the dip” amid a still firmly bullish technical posture for the yellow metal. A big drop in crude oil prices overnight is featured. As crude prices dropped to sharply lower levels on the day, gold prices may have seen some additional safe-haven buying interest. June gold futures were last up $4.50 an ounce at $1,740.00. May Comex silver prices were last up $0.122 at $15.385 an ounce.
Highlighted to start the trading week is a big drop in crude oil prices, with Nymex crude trading down over $4.00 a barrel at $12.65. There is growing talk that Nymex crude prices will again fall into negative territory when the June contract nears expiration in late May. There is no place to store oil amid a glutted world market that has seen such a demand shock. Another U.S. oil producer, Diamond Offshore, filed for bankruptcy over the weekend. Reports that OPEC will begin its previously announced oil-production cuts later this week had no positive impact on prices.
Some regions in some countries, including the U.S., are starting to reopen from the Covid-19-induced lockdown. However, leading U.S. health officials over the weekend said social-distancing restrictions will likely remain in effect all summer.
Key central bank meetings occur this week, including those of the Federal Reserve (FOMC) and the European Central Bank. The Bank of Japan further eased its monetary policy on Monday. More key U.S. corporate earnings reports are due out this week.
The other important outside markets today see the U.S. dollar index solidly lower. The 10-year U.S. Treasury note yield is trading around 0.625% this morning.
U.S. economic reports due for release Monday include the Texas manufacturing outlook survey.
Technically, the gold bulls have the solid overall near-term technical advantage and have gained more power late this week. 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 this week’s low of $1,666.20. First resistance is seen at the overnight high of $1,745.80 and then at $1,750.00. First support is seen at $1,725.00 and then at $1,718.00.
May silver futures bulls have gained the slight overall near-term technical advantage. Silver bulls’ next upside price objective is closing prices above solid technical resistance at the April high of $16.30 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $14.00. First resistance is seen $15.50 and then at last week’s high of $15.72. Next support is seen at $15.00 and then at $14.75.
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com