Posted by Jack Dempsey, President
401gold Consultants LLC
jdemp2003@gmail.com
Live Spot Gold
SPOT MARKET IS OPEN
closes in 6 hrs. 33 mins.Mar 14, 2022 10:27 NY Time
| Bid/Ask | 1957.00 / 1958.00 | |
| Low/High | 1949.20 / 1980.00 | |
| Change | -34.10 | -1.71% |
| 30daychg | +98.00 | +5.27% |
| 1yearchg | +229.10 | +13.26% |
| Alerts Charts |
Silver Price & PGMs
Mar 14, 2022 10:27 NY TimeKitco 10AM Silver Fix
(Kitco News, Mon. Mar. 14th,2022) – Gold and silver prices are lower in early U.S. trading Monday, as trader/investor risk appetite is a bit better to start the trading week. There are some potentially positive developments on the Russia-Ukraine war front and that has rallied equities markets and dented the metals markets. April gold futureswere last down $17.90 at $1,967.40 and May Comex silver was last down $0.605 at $25.555 an ounce.
Global stocks markets were mostly higher overnight. The U.S. stock indexes are pointed toward higher openings when the New York day session begins. There is just a bit of optimism on de-escalating the Russia-Ukraine war, despite the fact it still raging in Ukraine. The U.S. and China are set to hold their first high-level talks since Russia’s invasion of Ukraine. The White House said National Security Adviser Jake Sullivan will meet in Rome Monday with China’s top diplomat, Communist Party Politburo member Yang Jiechi. U.S. officials say Russia has asked China for military aid for its war with Ukraine. That suggests Russian President Putin has faced more setbacks in the war than he anticipated. U.S. officials say they haven’t seen evidence Beijing has tried to circumvent sanctions on Russia. The thinking is that if China and the U.S. show a united front on opposing the war, Russia may de-escalate. However, others doubt Putin will back off and show weakness. Meantime, Russia and Ukraine are still meeting for talks, although there have been no major break-throughs despite notions some progress has been made.
In other news, China has locked down a major city, Shenzhen, which is a technology hub, due to Covid again spreading. Chinese stocks dropped on the news. That has also helped to put some price pressure on raw commodity markets to start the trading week.
The U.S. data point of the week will be the Federal Reserve’s FOMC meeting that begins Tuesday morning and ends Wednesday afternoon with a statement. It’s widely believed the Fed will raise its Fed funds rate by 0.25%.
The key outside markets see Nymex crude oil prices lower and trading around $104.00 a barrel. Crude prices have backed way off from last week’s 14-year highs. That suggests oil prices may have put in at least near-term tops. The U.S. dollar index is lower today. The benchmark U.S. 10-year Treasury note is presently yielding 2.08%. U.S. Treasury yields are on the rise. For perspective, the U.K. 10-year gild yield is presently 1.566% and the German 10-year bund is yielding 0.314%.
There is no major U.S. economic data due for release Monday.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically, the April gold futures bulls have the firm overall near-term technical advantage. However, they have run out of gas to suggest at least a near-term market top is in place. Prices are in a six-week-old uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close in April futures above major resistance at the record high of $2,078.80. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,925.00. First resistance is seen at the overnight high of $1,994.80 and then at $2,000.00. First support is seen at the overnight low of $1,956.80 and then at $1,950.00.
![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. Prices are in a six-week-old uptrend on the daily bar chart. However, the bulls appear to be short-term exhausted. Silver bulls’ next upside price objective is closing prices above solid technical resistance at the March high of $27.495 an ounce. The next downside price objective for the bears is closing prices below solid support at $24.00. First resistance is seen at $26.00 and then at today’s high of $26.29. Next support is seen at today’s low of $25.33 and then at $25.00.