Live Spot Gold
SPOT MARKET IS OPEN
closes in 4 hrs. 42 mins.Apr 17, 2020 12:18 NY Time
| Bid/Ask | 1686.70 / 1687.70 | |
| Low/High | 1681.30 / 1708.10 | |
| Change | -30.10 | -1.75% |
| 30daychg | +200.60 | +13.50% |
| 1yearchg | +413.10 | +32.44% |
| Alerts Charts |
Silver Price & PGMs
Apr 17, 2020 12:18 NY TimeKitco 10AM Silver Fix
| Silver | 15.12 | -0.38 |
| Platinum | 767.00 | -17.00 |
| Palladium | 2080.00 | -15.00 |
| Rhodium | 6000.00 | 0.00 |
Click on the metal names to
see the associated charts
(Kitco News, Fri. April 17th, 2020) – Gold and silver futures prices are trading lower in early U.S. trading Friday, on some profit taking from recent gains and on some normal chart consolidation in price uptrends. Also, traders and investor risk appetite that is more robust late this week is working against the safe-haven metals. However, as has been the case lately, don’t be surprised to see traders step in to “buy the dip” in the metals, especially gold. June gold futureswere last down $17.20 an ounce at $1,714.40. May Comex silver prices were last down $0.242 at $15.38 an ounce.
Global stock markets were mixed to mostly firmer in overnight trading. U.S. stock indexes are pointed toward sharply higher openings and five-week highs when the New York day session begins. Traders and investors are more upbeat to end the trading week. President Trump Thursday afternoon laid out plans to reopen the U.S. economy in stages that could begin as early as today, as there are early signs the Covid-19 pandemic in North America and Europe has hit a peak for new infections. Also, there is new hope that a drug being tested by Gilead can greatly reduce the severity of the respiratory illness, based on early clinical trials. As one market analyst put it, the marketplace is presently viewing the Covid-19 situation as “the glass being half-full.”
In overnight news, there was more dour economic data coming out of China Friday, as the world’s second-largest economy in March saw its industrial production down 8.4% versus down 13.5% in February, year-on-year. Retail Sales in the same period were off 19.0% compared to down 20.5% in February. Gross domestic product growth in the first quarter was minus 6.8% versus a year ago. The GDP figure was China’s first negative number ever recorded.
In a sign of the still-very-turbulent economic times, luxury retailer Neiman Marcus could not make a bond payment this week as the pandemic keeps its stores shuttered. The company is now in default, suggesting bankruptcy is next.
May silver futures bulls still have the overall near-term technical advantage and prices are trending higher on the daily bar chart. Bulls do need to step up and show fresh power soon to keep the uptrend alive. 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 the overnight high of $15.80 and then at $16.00. Next support is seen at today’s low of $15.195 and then at $15.00.
Technically, the gold bulls still have the solid overall near-term technical advantage amid price uptrends in place on the daily, weekly and monthly charts. 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 $1,650.00. First resistance is seen at the overnight high of $1,738.80 and then at $1,750.00. First support is seen at the overnight low of $1,696.80 and then at $1,675.00.
Posted by :
Jack Dempsey, President
401Gold Consultants LLC
jdemp2003@gmail.com