Live Spot Gold
SPOT MARKET IS OPEN
closes in 4 hrs. 44 mins.Mar 16, 2022 12:16 NY Time
| Bid/Ask | 1909.00 / 1910.00 | |
| Low/High | 1903.90 / 1928.50 | |
| Change | -9.10 | -0.47% |
| 30daychg | +37.70 | +2.01% |
| 1yearchg | +177.70 | +10.26% |
| Alerts Charts |
Silver Price & PGMs
Mar 16, 2022 12:16 NY TimeKitco 10AM Silver Fix
(Kitco news, Wed. Mar. 16th , 2022) – Gold and silver prices are slightly lower in early U.S. trading Wednesday, as trader/investor risk appetite is keener at mid-week. Some positive news reports on the Russia-Ukraine war front and the recent big drop in crude oil prices are lifting marketplace sentiment and pushing money back into the stock markets. That’s negative for safe-haven gold and silver. April gold futures were last down $2.80 at $1,927.10 and May Comex silver was last down $0.028 at $24.145 an ounce.
Global stocks markets were mostly higher overnight. The U.S. stock indexes are pointed toward solidly higher openings when the New York day session begins. News overnight that both Russia and Ukraine said there are signs of progress on their discussions to stop the war has boosted trader and investor risk appetite at mid-week. Reports said discussions include having Ukraine become a neutral country like Sweden. However, the shooting and shelling continues in Ukraine.
China and Asian markets rallied sharply overnight on comments from Chinese economic officials that the government will implement market-friendly policies and keep the capital markets running smoothly. Officials also said they wanted more transparency and predictability in their policies. The moves come as China has locked down cities due to the Covid virus again spreading rapidly. That has put price pressure on raw commodity futures markets this week, on notions of reduced demand coming from the world’s second-largest economy.
The U.S. data point of the week is the Federal Reserve’s FOMC meeting that began Tuesday morning and ends Wednesday afternoon with a statement and press conference from Fed Chairman Powell. It’s widely believed the Fed will raise its Fed funds rate by 0.25%–the first rate hike since 2018. Powell’s comments on the war and inflation will be closely scrutinized by the marketplace.
The key outside markets see Nymex crude oil prices lower and trading around $96.00 a barrel. Crude prices have backed way off from last week’s 14-year highs to strongly suggest oil prices have put in major tops. The U.S. dollar index is lower again today. The benchmark U.S. 10-year Treasury note is presently yielding 2.165%. U.S. Treasury yields are on the rise amid inflation fears that are high.
Other U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, retail sales, import and export prices, the NAHB housing market index, manufacturing and trade inventories and the weekly DOE liquid energy stocks report.
![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 overall near-term technical advantage. However, they are fading to suggest at least a near-term market top is in place. A six-week-old uptrend on the daily bar chart has been negated. Bulls’ next upside price objective is to produce a close in April futures above major resistance at $2,000.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,900.00. First resistance is seen at $1,950.00 and then at Tuesday’s high of $1,956.90. First support is seen at the overnight low of $1,913.10 and then at this week’s low of $1,908.10.
![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 but are fading and need to show fresh power soon to keep their edge. A six-week-old uptrend on the daily bar chart has been negated. 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 Tuesday’s high of $25.315 and then at $25.50. Next support is seen at this week’s low of $24.75 and then at $24.50.
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com