Live Spot Gold
SPOT MARKET IS OPEN
closes in 5 hrs. 14 mins.Jun 09, 2020 11:46 NY Time
| Bid/Ask | 1717.30 / 1718.30 | |
| Low/High | 1691.20 / 1722.10 | |
| Change | +18.70 | +1.10% |
| 30daychg | +14.40 | +0.85% |
| 1yearchg | +377.40 | +28.17% |
| Alerts Charts |
Silver Price & PGMs
Jun 09, 2020 11:46 NY TimeKitco 10AM Silver Fix
| Silver | 17.67 | -0.09 |
| Platinum | 828.00 | +4.00 |
| Palladium | 1887.00 | -75.00 |
| Rhodium | 5700.00 | 0.00 |
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see the associated charts
(Kitco News, Tues. June 9th, 2020) – Gold prices are moderately higher in early U.S. trading Tuesday, as world stock indexes were mostly weaker overnight. Gold bulls are working to kill a fledgling price downtrend that has developed on the daily bar chart, but have some more work to do in the near term to stop it. August gold futures were last up $12.20 an ounce at $1,717.20. July Comex silver prices were last up $0.002 at $17.90 an ounce.
Global stock markets were mixed but mostly weaker in overnight trading. U.S. stock indexes are pointed toward lower openings when the New York day session begins, on normal corrective pullbacks from recent strong gains. The Nasdaq index Monday hit a record high, while the S&P 500 stock index hit a three-month high. Trader and investor risk sentiment remains upbeat. The just-released NFIB small business optimism index rose to 94.4 in May from 90.9 in April. The U.S. government reported the American economy officially entered recession in February, while also on Monday the Federal Reserve expanded its lending program to U.S. businesses.
In overnight news, the Euro zone economy in the first quarter contracted by 3.6% from the fourth quarter of last year. Forecasters expect the second-quarter GDP reading to be worse.
The World Bank has forecast global GDP to see a 5.2% contraction this year. Advanced economies will contract 7%, led by a 9.1% decline in the Euro zone. Other GDP projections see the U.S. at -6.1%, China at up 1.0% and India -3.2%. “This is the first recession since 1870 triggered solely by a pandemic, and it continues to manifest itself… Given this uncertainty, further downgrades to the outlook are very likely,” the World Bank said. Global economic growth is due for a rebound in 2021, growing 4.2%, said the World Bank.
Today begins the two-day meeting of the Federal Reserve’s Open Market Committee (FOMC) that ends Wednesday afternoon with a statement and press conference from Fed Chairman Jay Powell.
The important outside markets see the U.S. dollar index slightly higher early today on a corrective bounce from its recent 11-week low. Meantime, Nymex crude oil prices are lower on a corrective pullback after hitting a three-month high Monday, and trading around $37.25 a barrel. The yield on the benchmark U.S. Treasury 10-year note is currently around the 0.82% level.
U.S. economic data due for release Tuesday includes the weekly Goldman Sachs and Johnson Redbook retail sales reports, the NFIB small business index, the IBD/TIPP economic optimism index, and monthly wholesale trade.
Technically, the gold bulls have faded as a price uptrend on the daily bar chart has been negated and prices are trending lower now. Bulls’ next upside price objective is to produce a close in August futures above solid resistance at $1,750.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,650.00. First resistance is seen at $1,725.00 and then at $1,730.00. First support is seen at $1,700.00 and then at Monday’s low of $1,680.70.
July silver futures bulls have the firm overall near-term technical advantage. Silver bulls’ next upside price objective is closing prices above solid technical resistance at the February high of $19.075 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $17.00. First resistance is seen at $18.00 and then at $18.25. Next support is seen at today’s low of $17.685 and then at Monday’s low of $17.495
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com