Live Spot Gold
SPOT MARKET IS OPEN
closes in 5 hrs. 10 mins.Apr 16, 2020 11:50 NY Time
| Bid/Ask | 1718.50 / 1719.50 | |
| Low/High | 1714.10 / 1740.00 | |
| Change | +2.50 | +0.15% |
| 30daychg | +190.60 | +12.47% |
| 1yearchg | +442.00 | +34.63% |
| Alerts Charts |
Silver Price & PGMs
Apr 16, 2020 11:50 NY TimeKitco 10AM Silver Fix
| Silver | 15.40 | -0.03 |
| Platinum | 780.00 | +6.00 |
| Palladium | 2106.00 | +4.00 |
| Rhodium | 6000.00 | +1000.00 |
Click on the metal names to
see the associated charts
(Kitco News, Thurs. April 16TH, 2020) – Gold futures prices are trading solidly higher in early U.S. trading Thursday, following a corrective pullback in a strong uptrend that was seen Wednesday. Gold market bulls are presently seeing every downside price correction as a buying opportunity, which is typical in a market that is trending strongly higher. Silver prices are also posting solid gains on the day Thursday. June gold futures were last up $19.20 an ounce at $1,759.60. May Comex silver prices were last up $0.30 at $15.805 an ounce.
The key U.S. data point today is be the weekly jobless claims report, which came in at up 5.2 million–just above the expected million in new claims in the latest week. The Covid-19 pandemic that has mostly shuttered the U.S. economy has seen over 20 million American workers lose their jobs up to this point. Just recently, U.S. economic data covering the past few weeks is showing just how much damage has been inflicted on U.S. businesses. U.S. retail sales in March were down over 8 percent, it was reported Wednesday.
Global stock markets were mixed in overnight trading. Asian stocks were mostly down and European stock indexes were mostly up. U.S. stock indexes are pointed toward modestly higher openings when the New York day session begins. Amid the Covid-19-induced gloom that is pervasive worldwide, there are some positives this week. There are early signs the U.S. and Europe have seen the curve flatten on the rate of new infections. U.S. government and health officials are saying hospitals are keeping up with the influx of coronavirus patients.
In another potentially ominous development for North America, reports say Chinese consumers coming out of the coronavirus lockdown that lasted several weeks are not in a spending mood. This contradicts notions that once the lockdowns are lifted, holed-up North American consumers will coming out swinging regarding spending at retail outlets.
The important outside markets today see crude oil prices modestly up and trading around $20.25 a barrel after hitting an 18.5-year low on Wednesday. The U.S. dollar index is higher again this morning on a corrective rebound from recent selling pressure. The 10-year U.S. Treasury note yield is trading around 0.64% this morning, down from recent higher levels. The falling U.S. Treasury yields are a worrisome sign of the major headwinds that have and will likely continue to buffet the U.S. economy in the coming months.
Other U.S. economic reports due for release Thursday include the Philadelphia Fed business survey and new residential construction.
Technically, the gold bulls have the strong overall near-term technical advantage amid price uptrends 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 $1,772.80 and then at this week’s high of $1,788.80. First support is seen at $1,750.00 and then at the overnight low of $1,738.80
May silver futures bulls have the overall near-term technical advantage and prices are trending higher on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $17.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $14.50. First resistance is seen at $16.00 and then at this week’s high of $16.30. Next support is seen at this week’s low of $15.385 and then at $15.25.
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com