Live Spot Gold
SPOT MARKET IS OPEN
closes in 3 hrs. 46 mins.Mar 23, 2022 13:14 NY Time
| Bid/Ask | 1936.70 / 1937.70 | |
| Low/High | 1917.40 / 1938.30 | |
| Change | +15.00 | +0.78% |
| 30daychg | +33.50 | +1.76% |
| 1yearchg | +209.30 | +12.12% |
| Alerts Charts |
Silver Price & PGMs
Mar 23, 2022 13:14 NY TimeKitco 10AM Silver Fix
(Kitco News, Wed. Mar. 23rd, 2022) – Gold and silver prices are moderately higher near midday Wednesday, lifted in part by sharp gains in crude oil prices and a lower U.S. stock market at mid-week. April gold futures were last up $9.90 at $1,931.30 and May Comex silver was last up $0.211 at $25.11 an ounce.
The U.S. stock indexes are lower near midday, on some risk aversion. The Russia-Ukraine war continues but from a markets perspective not much has changed recently. President Biden Thursday meets with NATO and EU leaders to discuss Russia’s invasion of Ukraine. The two-day summit will be held at NATO headquarters in Brussels. Sanctions continue to bite Russia’s economy and its ability to make war. Bloomberg reports that “for decades, global finance firms eagerly catered to Russian companies, billionaires and the government. In perhaps the harshest and fastest exclusion in living memory of a major industrialized economy, the past few weeks have been a frantic dash to understand and implement sanctions on Russia that are being continually updated by the U.S., U.K. and the EU.”
The other element very near the front burner of the marketplace is inflation worries. Rising inflation is historically bullish for the metals markets. Global bond market yields have been rising sharply, with U.S. Treasury yields nearing three-year highs. The U.S. 2-year and 10-year yield curve is very close to inverting, which would begin to suggest a U.S. economic recession is coming.
The key outside markets see Nymex crude oil prices sharply higher and trading around $115.00 a barrel. Oil prices are rising sharply again on ideas the European Union is moving closer to banning oil imports from Russia. The U.S. dollar index is firmer again today. The benchmark U.S. 10-year Treasury note is presently yielding 2.37%.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically, April gold futures bulls have the overall near-term technical advantage. However, a bearish pennant pattern has formed on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $2,000.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,882.50. First resistance is seen at this week’s high of $1,941.80 and then at $1,950.00. First support is seen at this week’s low of $1,909.80 and then at $1,900.00.
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
May silver futures bulls have the overall near-term technical advantage. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $26.50 an ounce. The next downside price objective for the bears is closing prices below solid support at $24.00. First resistance is seen at today’s high of $25.30 and then at $25.50. Next support is seen at this week’s low of $24.695 and then at last week’s low of $24.55. Wyckoff’s Market Rating: 6.5.
May N.Y. copper closed up 625 points at 476.15 cents today. Prices closed nearer the session high today. The copper bulls have the overall near-term technical advantage. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at 500.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the March low of 446.85 cents. First resistance is seen at today’s high of 477.90 cents and then at 480.00 cents. First support is seen at 470.00 cents and then at this week’s low of 465.60 cents.
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com