Live Spot Gold
SPOT MARKET IS OPEN
closes in 7 hrs. 19 mins.May 01, 2020 09:41 NY Time
| Bid/Ask | 1684.70 / 1685.70 | |
| Low/High | 1669.60 / 1688.10 | |
| Change | -0.40 | -0.02% |
| 30daychg | +91.30 | +5.73% |
| 1yearchg | +408.40 | +32.00% |
| Alerts Charts |
Silver Price & PGMs
May 01, 2020 09:41 NY TimeKitco 10AM Silver Fix
| Silver | 14.93 | +0.01 |
| Platinum | 766.00 | -2.00 |
| Palladium | 1856.00 | -38.00 |
| Rhodium | 3700.00 | 0.00 |
Click on the metal names to
see the associated charts
(Kitco News, Fri.May1st, 2020)– Gold prices are posting modest losses in early U.S. trading Friday even though global risk appetite has down-ticked to end the trading week and begin a new month. Late this week the gold market has ironically tended to follow the direction of the U.S. stock market. June gold futures were last down $6.10 an ounce at $1,688.00. May Comex silver prices were last up $0.017 at $14.915 an ounce.
Global stock markets were mostly down in overnight trading. U.S. stock indexes are pointed toward lower openings when the New York day session begins. On this last trading day of the week and first day of the month, the past few days’ grim economic data and corporate earnings reports may be driving home to traders and investors the reality of the Covid-19-induced damage being inflicted on the global economy. Still, despite 30 million Americans losing their jobs the past few weeks, the U.S. stock indexes just finished one of their best months ever and are in near-term price uptrends on the daily charts. Some U.S. states are starting to partially reopen their businesses today.
U.S. President Trump is ramping up his negative rhetoric toward China and on Thursday again suggested China suppressed Covid-19 information in the early stages in China, even hinting China may have purposely unleased the virus from a laboratory. Trump also threatened more tariffs against China.
Technically, the gold bulls have the overall near-term technical advantage but are now fading and need to show fresh power soon to keep alive an uptrend 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 $1,700.00 and then at $1,707.80. First support is seen at today’s low of $1,676.00 and then at $1,666.20.
July silver futures bulls and bears are back on a level overall near-term technical playing field. 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 the overnight high of $15.15 and then at $15.25. Next support is seen at today’s low of $14.82 and then at $14.715
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com