Spot Gold Price Above $1,900 For First Time Since 2011 as U.S. New Homes Sales Beat Expectations in June

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SPOT MARKET IS OPEN
closes in 5 hrs. 38 mins.Jul 24, 2020 11:22 NY Time

Bid/Ask	1901.20 / 1902.20
Low/High	1880.90 / 1907.10
Change	+14.60	+0.77%
30daychg	+139.90	+7.94%
1yearchg	+475.90	+33.39%
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Silver Price & PGMs

Jul 24, 2020 11:22 NY TimeKitco 10AM Silver Fix

Silver	22.66	+0.13
Platinum	914.00	+1.00
Palladium	2148.00	+56.00
Rhodium	6800.00	0.00

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(Kitco, Fri. July 24th, 2020)- Today’s Gold price maintained its daily gains after the U.S. new home sales beat expectations in June, rising 13.8% versus the expected 4% increase. May numbers were also upwardly revised to 19.4% advance.

New home sales were at a seasonally adjusted annualized rate of 776,000 homes in June, the U.S. Commerce Department said on Friday. May’s sales were revised up to a rate of 682,000 units.

“Nobody is asking the real questions,” says the former Presidential candidate. Which is why, as a citizen you need to start paying attention today.

Market consensus called for sales to advance to 700,000 units in June.

On an annual basis, new home sales were up 6.9% from last year’s estimate of 726,000 units.

Looking at home prices, the report said that the median sales price for homes sold last month was $329,200 while the average price was $384,700.

The inventory of houses for sale as of the end of June was at 307,000, representing a 4.7-month supply at current sales rate. 

Spot gold prices were trading above $1,900 an ounce for the first time since 2011 while August Comex gold futures advanced to $1,900.70, up 0.57% on the day.

Global stock markets were mostly weaker in overnight trading. The U.S. stock indexes are pointed toward slightly lower openings when the New York day session begins. Risk aversion is keener to end the trading week. As expected China has retaliated against the U.S. for closing China’s consulate in Houston, Texas this week by kicking the Americans out of their consulate in Chengdu, China. The world’s two largest economies continue on a downward spiral in their already-tense relationship. U.S. Secretary of State Mike Pompeo on Thursday also delivered a harsh speech on China, coming close to suggesting a regime change.

Silver bulls have the strong overall near-term technical advantage. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $25.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $20.00. First resistance is seen at this week’s high of $23.67 and then at $24.00. Next support is seen at Thursday’s low of $22.475 and then at $22.25.

Posted by :

Jack Dempsey, President

401 Gold Consultants LLC

jdemp2003@gmail.com