Live Spot Gold
SPOT MARKET IS OPEN
closes in 5 hrs. 33 mins.May 14, 2020 11:27 NY Time
| Bid/Ask | 1728.10 / 1729.10 | |
| Low/High | 1709.50 / 1739.30 | |
| Change | +12.50 | +0.73% |
| 30daychg | +1.50 | +0.09% |
| 1yearchg | +431.80 | +33.31% |
| Alerts Charts |
Silver Price & PGMs
May 14, 2020 11:27 NY TimeKitco 10AM Silver Fix
| Silver | 15.75 | +0.18 |
| Platinum | 760.00 | -2.00 |
| Palladium | 1702.00 | -45.00 |
| Rhodium | 4500.00 | 0.00 |
Click on the metal names to
see the associated charts
(Kitco News, Thurs. May 14th, 2020) – Gold and silver prices are moderately up in early U.S. trading Thursday. Safe-haven demand has crept back into the precious metals this week as global stock markets have become a bit shaky again. June gold futures were last up $8.30 an ounce at $1,725.00. July Comex silverprices were last up $0.054 at $15.725 an ounce.
The just-released weekly jobless claims report showed new claims of 2.98 million. The latest reading was just above expectations of around 2.5 million. Today’s figure is still markedly down from weekly jobless numbers seen recently.
Global stock markets were mixed to lower in overnight trading. U.S. stock indexes are pointed toward lower openings when the New York day session begins. Traders and investors continue to assess and reassess the Covid-19 situation as it pertains to global, national and local economies. Human nature appears to be competing more and more with continued warnings from health experts–meaning people that have been cooped up for two months desperately want to get out and resume more normal lives, even though the pandemic is far from being under control and no vaccine is on the horizon.
The marketplace takeaways so far this week include a growing number of economists now projecting longer recovery periods for major world economies, highlighted by Federal Reserve Chairman Jerome Powell Wednesday providing a grim picture of the U.S. economy and its path out of the pandemic. The other takeaway is a strong rebound in stock markets despite many main street businesses remaining shuttered and large segments of populations still in quarantine. How long can this juxtaposition last?
U.S.-China relations remain close to the front burner of the marketplace. The U.S. this week has accused China of hacking U.S. firms working on a Covid-19 vaccine. President Trump said Thursday morning in a TV interview that the U.S. could “cut off the whole relationship” with China. Given the already strained relations between the world’s two largest economies, it’s hard to imagine they will emerge from the current health crisis without profound and permanent changes in their relationship, including supply chains.
The important outside markets see Nymex crude oil futures higher early today and trading around $26.50 a barrel. The International Energy Agency Thursday said global oil demand in May will drop by 21.5 million barrels—outstripping the recent supply reductions. The U.S. dollar index is firmer today. The yield on the benchmark U.S. Treasury 10-year note is currently around 0.61%.
Other U.S. economic reports out Wednesday include import and export prices. Several Federal Reserve officials are scheduled to give speeches today.
Technically, the gold bulls have the overall near-term technical advantage amid an uptrend on the daily bar chart. A bullish symmetrical triangle pattern has also formed on the daily bar chart. Bulls’ next upside price objective is to produce a close in June futures above solid resistance at the April high of $1,788.80. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,666.20. First resistance is seen at the overnight high of $1,728.50 and then at $1,735.50. First support is seen at $1,710.00 and then at $1,700.00.
July silver futures bulls have 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 $16.505 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $14.00. First resistance is seen at $16.00 and then at $16.25. Next support is seen at $15.50 and then at $15.25.
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com