Live Spot Gold
SPOT MARKET IS OPEN
closes in 4 hrs. 40 mins.Jun 18, 2020 12:20 NY Time
| Bid/Ask | 1723.80 / 1724.80 | |
| Low/High | 1717.00 / 1741.10 | |
| Change | -2.80 | -0.16% |
| 30daychg | -20.90 | -1.20% |
| 1yearchg | +377.90 | +28.08% |
| Alerts Charts |
Silver Price & PGMs
Jun 18, 2020 12:20 NY TimeKitco 10AM Silver Fix
| Silver | 17.36 | -0.14 |
| Platinum | 789.00 | -18.00 |
| Palladium | 1826.00 | -22.00 |
| Rhodium | 6000.00 | -300.00 |
Click on the metal names to
see the associated charts
(Kitco News, Thurs. June 18th, 2020) – Gold and silver prices are modestly lower in early U.S. trading Thursday, even as global equity markets have paused following recent rallies. The safe-haven metals bulls need a spark to jumpstart their near-term price uptrends. August gold futures were last down $7.40 an ounce at $1,727.80. July Comex silver prices were last down $0.125at $17.65 an ounce.
Global stock markets were mixed in overnight trading. U.S. stock indexes are pointed toward slightly lower openings when the New York day session begins. Risk appetite appears to be receding a bit late this week as Covid-19 cases in many U.S. states are on the rise, prompting concerns those states may have to once again impose restrictions on their businesses and the public. Reports said the second wave of the pandemic outbreak in Beijing, China has been quickly contained but other countries are seeing the virus spread.
Said one market analyst in a morning email dispatch, some of which has been edited for clarity: “Covid-19 and the Fed’s (and other central banks’) actions are influencing a herd mentality to financial markets where rational risk and reward calculations are no longer in place. The first sign of trouble sees investors flee to safe havens, and when the Fed plays the put (put option, meaning adding more stimulus), traders take the opposite side of the trade. This kind of environment will keep volatility heightened in the near term. In my opinion, the problem that the Fed and other central banks have caused over the past couple of months is that retail investors are bidding up some of the worst-performing companies just because they believe the current policies will keep them afloat…. This is leading to the creation of a big bubble in asset prices and the further it grows, the more damage it will make when it bursts.”
The important outside markets early today see the U.S. dollar index near steady. Meantime, Nymex crude oil prices are slightly up and trading around $38.00 a barrel. The yield on the benchmark U.S. Treasury 10-year note is currently around the 0.71% level.
U.S. economic data due for release Thursday includes the weekly jobless claims report, the Philadelphia Fed business survey and leading economic indicators.
Technically, the gold bulls have the firm overall near-term technical advantage amid choppy and sideways trading at higher levels. Bulls’ next upside price objective is to produce a close in August futures above solid resistance at $1,761.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,700.00. First resistance is seen at $1,743.80 and then at $1,750.00. First support is seen at Wednesday’s low of $1,717.30 and then at $1,700.00.
Technically, silver futures bulls have the overall near-term technical advantage. Silver bulls’ next upside price objective is closing prices above solid technical resistance at last week’s high of $18.405 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 the overnight high of $17.92 and then at $18.00. Next support is seen at $17.465 and then at $17.25.
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com