SPOT MARKET IS OPEN (WILL CLOSE IN 5 HRS. )
Live Spot Gold
Bid/Ask
2,037.702,038.70
Low/High
2,029.802,044.90
Change
+2.30+0.11%
30daychg
+6.30+0.31%
1yearchg
+162.70+8.68%
Silver Price & PGMs
(Kitco News, Wed. Feb. 7th, 2024) – Gold and silver prices are seeing mild losses in early U.S. trading Wednesday. It’s a quieter marketplace at mid-week, with no new fundamental developments to significantly influence the markets. Risk appetite in the general marketplace is not robust, but neither is risk aversion keen. That’s keeping the safe-haven metals traders squelched at present. April gold was last down $4.50 at $2,046.90. March silver was last down $0.133 at $22.345.
Asian and European stock markets were mixed in overnight trading. U.S. stock index futures are set to open narrowly mixed and not far below their record highs when the New York day session begins.
China is getting ready for its Lunar New Year holiday that starts this weekend.
The key outside markets today see the U.S. dollar index slightly lower. Nymex crude oil prices are a bit firmer and trading around $73.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently fetching around 4.2%.
U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the international trade report, the weekly DOE liquid energy stocks report and consumer credit. Several Federal Reserve officials are also scheduled to give speeches today.
Technically, the gold futures bulls have the slight overall near-term technical advantage. Bulls’ next upside price objective is to produce a close in April futures above solid resistance at $2,100.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $2,000.00. First resistance is seen at the overnight high of $2,052.60 and then at this week’s high of $2,059.10. First support is seen at Tuesday’s low of $2,038.80 and then at this week’s low of $2,030.80.
The silver bears have the overall near-term technical advantage. Prices are in a two-month-old downtrend on the daily bar chart. Silver bulls’ next upside price objective is closing March futures prices above solid technical resistance at $23.72. The next downside price objective for the bears is closing prices below solid support at the October low of $21.17. First resistance is seen at Tuesday’s high of $22.575 and then at this week’s high of $22.84. Next support is seen at $22.25 and then at $22.00.
Posted by:
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com