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Silver Price News: Silver Ends Little Changed After Volatile End To Week
Silver prices ended little changed on Friday, holding above the $28.00 an ounce level as gold prices retreated from all-time highs.
Prices briefly spiked as high as $30.50 an ounce, although there was little sustained trade at those highs. Prices subsequently fell back to $28.00 an ounce before rebounding to around $28.50 an ounce later in the session, little changed from Thursday.
The late losses for silver followed the price action in gold, where prices initially pushed up to an all-time high on Friday, only to fall back sharply later in the day.
US unemployment and manufacturing data released on Friday indicated a slowing economy, notionally driving interest in safe haven assets and underpinning expectations of more dovish monetary policy by central banks. Read More
Gold Price News: Gold Rally Runs Out of Steam On Profit Taking
Gold prices fell on Friday, as a strong rally earlier in the day went into reverse later in the session.
Gold looked set to close out the week in what was a decidedly bullish few days for the precious metal, but several days of gains appeared to trigger some profit taking ahead of the weekend.
Prices rose as high as $2,486 an ounce on Friday, a fresh all-time high, compared with around $2,446 an ounce in late trades on Thursday. Prices had been as low as $2,370 an ounce at the start of the week.
However, prices abruptly changed course part way through the afternoon session on Friday, dropping as low as $2,412 an ounce.
The earlier strength for gold followed the release of the closely-watched US non-farm payrolls figures for July, which showed only 114,000 jobs were added, against market expectations of 175,000. Separate unemployment figures also painted a similar picture, showing that 4.3% of the population were out of work in July, a fourth consecutive monthly rise, and above market expectations of 4.1%. Read More
Is the current selloff in gold price an opportunity?
When markets are volatile, all correlations and safety bets disappear, and cash becomes the dominant currency. Investors and traders are questioning whether this is the case in today's markets, given that everything is in decline, including the precious metals expected to serve as the ultimate safe haven. The question now is whether the current meltdown will worsen, and if so, how much worse it will get before things start to improve again.
If one looks at the markets, there is only one dominant color in front of you, and that is red. Equity markets in the US are in free fall, as the Nasdaq index's futures have traded over 6% down most of the morning and have already entered correction territory. The precious metal actually recorded solid gains on Friday, but the selloff that is taking place is very close to wiping out all the gains that gold traders scored throughout last week. Gold has also broken important price levels, which many considered to be an important support level, and we will expand on this a bit later. Read More
Spot gold falls nearly 3% to $2,464/oz, spot silver down nearly 7% to $26.502/oz as metals slide amid global equity panic
Precious metals are reeling along with the broader market on Monday morning, as fears of a U.S. recession have set off a sharp slide in global equities.
After opening close to $2,440 per ounce, spot gold saw a double bounce at $2,420 as news of the collapse of Japanese equities hit the wires, causing crypto and other risk assets to drop sharply during overnight trading. Gold prices initially saw a rally off their lows, with spot rising to a session high just shy of $2,460 per ounce shortly after midnight EDT as investors fled to safety.
But as the panic spread through the Asian and European sessions, gold was dragged lower once again, and after failing to hold support at $2,420 per ounce, spot gold began its own collapse shortly after 6:30 a.m., falling $60 in two hours. Read More
Gold prices steady and off lows as ISM Services PMI rises to 51.4 in July
The gold market is showing little reaction as activity in the U.S. service sector moved back into expansionary territory last month.
The Institute for Supply Management (ISM) announced on Monday that its Services Purchasing Managers Index rose to 51.4% in July, compared to June’s reading of 48.8%. The data was slightly better than expected, as consensus forecasts called for an improvement to 51%.
“Economic activity in the services sector expanded in July, a trend that has been interrupted only three times — though twice in the last four months — since early in the coronavirus pandemic,” the report said, noting that the services sector expanded for the 47th time in 50 months.
The gold market is holding steady at its lower range following the better-than-expected services data, with spot gold last trading at $2,387.15 for a loss of 2.27% on the session. Read More
Gold, silver down on recession fears, but well off daily lows
Gold and silver prices are solidly lower in midday U.S. trading Monday, but up from their session lows on some bargain hunting and safe-haven demand. Gold hit a two-week low overnight and silver a three-month low. Some recent downbeat U.S. economic data has prompted worries about a U.S. and/or global recession and has the world marketplace on a knife’s edge. December gold was last down $21.60 at $2,448.30. September silver was down $0.972 at $27.42.
A meltdown in global stock markets has the general marketplace spooked to start the trading week. Unwinding of Japanese yen carry trades (see my special report on Kitco today) has put much of the marketplace in liquidation mode, including the metals. This is a metals-bearish element at present and is mostly superseding safe-haven demand for gold and silver. However, if the sell off in global stock markets continues, that mentality could quickly change into keen safe-haven demand for the two precious metals amid the high anxiety in the marketplace.
Technically, December gold bulls still have the overall near-term technical advantage, but are fading. Bulls’ next upside price objective is to produce a close above solid resistance at the contract high of $2,537.70. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,350.00. First resistance is seen at 2,481.10 and then at $2,500.00. First support is seen at $2,425.00 and then at today’s low of $2,403.80. Wyckoff's Market Rating: 6.5.
Image Source: Kitco News
September silver futures bears have the overall near-term technical advantage and gained fresh power today. Prices are in a 2.5-month-old downtrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at last week’s high of $29.355. The next downside price objective for the bears is closing prices below solid support at $25.00. First resistance is seen at $28.00 and then at $28.50. Next support is seen at $27.00 and then at today’s low of $26.595. Wyckoff's Market Rating: 3.5. Read More
Image Source: Kitco News
Gold prices recover as equities stabilize, silver and platinum face further downside risk – FX Empire’s Zernov
Gold markets came under pressure as traders sold their strongest assets to cover positions during Monday’s global market downturn, but recovered as traders covered their positions, while silver lost more than 5% as the gold/silver ratio shot higher, and platinum prices are nearing critical support at $900, according to analyst Vladimir Zernov at FX Empire.
“Gold rebounded from session lows as traders reacted to the better-than-expected ISM Services PMI report,” Zernov wrote. “From a big picture point of view, it looks that traders sold gold to raise money during global market sell-off.”
Meanwhile, silver continues to see strong selling pressure as the gold/silver ratio rallied above the 88.50 level.
“If silver stays below the support at $27.20, it will move towards the next support level at $25.20 – $25.60,” Zernov warned. “RSI is in the moderate territory, so there is enough room to gain momentum in the near term.” Read More
Broad-Based Market Sell-Off Triggers Gold's Steep Decline
Image Source: Kitco News
In a tumultuous day of trading, gold futures experienced a significant downturn, mirroring the broader market sell-off that swept across various asset classes. The most active December contract for gold plummeted nearly $100 in volatile trading, opening at $2,490.30 and reaching an intraday high of $2,500.80 before succumbing to intense selling pressure.
The precious metal's decline was part of a wider market sell-off, with U.S. equities suffering substantial losses. The NASDAQ Composite led the downturn, shedding 3.43%, while the S&P 500 and Dow Jones Industrial Average fell by 3% and 2.6%, respectively. This sell-off, described as one of the worst since 2022, was fueled by growing fears of an impending U.S. recession.
Recent economic data reignited recession concerns. Last week's employment report revealed a significant weakening in the labor market, with the unemployment rate jumping to 4.3%, its highest level since October 2021. Read More
Live From The Vault - Episode: 184
Weak hands Fed running out of time. Feat. Craig Hemke
In this week’s episode of Live from the Vault, Andrew Maguire teams up with Craig Hemke of TF Metals Report to discuss the recent price movements in gold and silver, questioning how long the Federal Reserve can maintain its weak stance.
The precious metals experts dive deep into silver price analysis, examine the impact of BRICS & India on gold and the dollar, and conclude with insights on when and how the true price of physical gold will emerge.
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
