Live Spot Gold
SPOT MARKET IS OPEN
closes in 5 hrs. 20 mins.Jun 10, 2020 11:40 NY Time
| Bid/Ask | 1714.30 / 1715.30 | |
| Low/High | 1711.70 / 1728.60 | |
| Change | -0.30 | -0.02% |
| 30daychg | +17.10 | +1.01% |
| 1yearchg | +386.90 | +29.15% |
| Alerts Charts |
Silver Price & PGMs
Jun 10, 2020 11:40 NY TimeKitco 10AM Silver Fix
| Silver | 17.75 | +0.20 |
| Platinum | 815.00 | -8.00 |
| Palladium | 1860.00 | -28.00 |
| Rhodium | 5700.00 | 0.00 |
Click on the metal names to
see the associated charts
( News, Wed. June 10th, 2020) – Gold and silver prices are higher in early U.S. trading Wednesday, as the bulls are so far having a good week. Today concludes the two-day meeting of the Federal Reserve’s Open Market Committee (FOMC) that will see an afternoon statement, along with a press conference from Fed Chairman Jay Powell. No change in interest rates is expected. However, the Fed’s economic projections and Powell’s remarks will be closely scrutinized and will probably move markets to some degree, including the metals. August gold futures were last up $8.70 an ounce at $1,730.60. July Comex silver prices were last up $0.281 at $18.075 an ounce.
Global stock markets were mostly weaker in overnight trading. U.S. stock indexes are pointed toward narrowly mixed openings when the New York day session begins. The Nasdaq index Tuesday hit another record high, while the S&P 500 stock index on Monday hit a three-month high. Risk appetite remains generally upbeat at mid-week as businesses in major economies continue to open back up after the Covid-19 lockdown and social distancing guidelines are relaxed.
In overnight news, the OECD think tank forecast global economic growth will fall 6% this year, if a second wave of Covid-19 can be avoided. The OECD also said the world economy “is on a tightrope” and a second wave of the pandemic would be a terrible blow to the world economy.
Technically, the gold bulls are having a good week as they work to negate a price downtrend still in place on the daily bar chart. 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 $1,700.00. First resistance is seen at $1,740.00 and then at $1,750.00. First support is seen at the overnight low of $1,718.70 and then at $1,710.00.
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 $18.165 and then at $18.40. Next support is seen at today’s low of $17.715 and then at this week’s low of $17.495
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com