Live Spot Gold
SPOT MARKET IS OPEN
closes in 5 hrs. 18 mins.Jun 15, 2020 11:42 NY Time
| Bid/Ask | 1719.90 / 1720.90 | |
| Low/High | 1702.30 / 1727.40 | |
| Change | -10.60 | -0.61% |
| 30daychg | -22.30 | -1.28% |
| 1yearchg | +378.80 | +28.25% |
| Alerts Charts |
Silver Price & PGMs
Jun 15, 2020 11:42 NY TimeKitco 10AM Silver Fix
| Silver | 17.20 | -0.28 |
| Platinum | 797.00 | -3.00 |
| Palladium | 1850.00 | +4.00 |
| Rhodium | 6500.00 | +800.00 |
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see the associated charts
(Kitco News, Mon. June 15th, 2020)
(Kitco News) – Gold and silver prices are solidly lower in early U.S. trading Monday. On this day traders appear more focused on the bearish prospects of reduced consumer demand for precious metals due to hobbled economies, than on their safe-haven aspects. August gold futures were last down $22.70 an ounce at $1,714.50. July Comex silver prices were last down $0.297 at $17.185 an ounce.
Global stock markets were mostly down in overnight trading. U.S. stock indexes are pointed toward solidly lower openings when the New York day session begins. Traders and investors are risk averse to start the work week, as there are growing signs that the Covid-19 pandemic is making a resurgence. Reports said parts of Beijing are on lockdown again, with cases in some U.S. states also on the rise as businesses reopen and American citizens become more lax on social distancing. Reported cases in the U.S. have now risen above 2 million.
There are also growing notions that the global stock market rebounds have come too far, too fast, given the actual economic conditions in the major industrialized countries at present. The general and even many in the investing public are asking, “How could the Nasdaq stock index hit a record high last week when U.S. unemployment has surged to around 15% and much of the economy remains crippled?”
The U.S. economic highlight of the week will be Fed Chairman Jerome Powell’s two days of congressional testimony on Tuesday and Wednesday for his semi-annual economic report to Congress. He may provide more clarity on the Fed’s bond buying and other monetary policy moves. Traders will monitor to see if his comments expand on his sober assessment of the U.S. economy last week.
In other overnight news, Euro zone April exports were reported down 24.5% and imports were down 13%.
The important outside markets early today see the U.S. dollar index weaker. The greenback remains in a steep downtrend. Meantime, Nymex crude oil prices are lower and trading around $35.75 a barrel. The yield on the benchmark U.S. Treasury 10-year note is currently around the 0.68% level.
U.S. economic data due for release Monday includes the Empire State manufacturing survey and Treasury international capital data.
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 $1,725.00 and then at the overnight high of $1,743.80. First support is seen at the overnight low of $1,711.00 and then at $1,700.00
RBC’s Gero: Gold Under Pressure But ‘Look For Bargain Hunting’
– Gold has been hurt by margin-related selling as stocks tumble, but look for gold buying to emerge at lower prices sometime this week, said George Gero, managing director with RBC Wealth Management. Gold fell with equities back in March, with analysts saying at the time that traders were having to sell whatever positions they could to generate cash. “Almost all commodities are off today,” Gero said. “You’re seeing sharp pullbacks in commodity accounts, and that accounts for margin selling in the gold. So selling begets selling.” As of 8:35 a.m. EDT, Comex August gold was $24.50 lower to $1,712.80 an ounce on a day when the futures for the Dow Jones Industrial Average were around 600 points lower amid worries about the economy as COVID-19 cases rise again. “Look for bargain hunting to resume…if bigger dips occur” in gold prices, said Gero, adding that he still looks for $1,800-an-ounce gold first, then much higher.
July silver futures bulls have the overall near-term technical advantage but are now fading. 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 $16.50. First resistance is seen at the overnight high of $17.63 and then at Friday’s high of $17.87. Next support is seen at $17.00
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com