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Gold close to all-time highs
With prices over $2000, gold has a path back to its all-time spot high of $2,075. Traders are prone to taking profit when the price of an asset approaches all-time highs; a pullback in gold becomes increasingly likely as prices move toward $2,075.
Image Source: Kitco News
Should gold blast through the level, we would expect that to be new support. Silver found its own support around $25.50 yesterday intraday, which springboarded the metal toward another higher high of $26.30 overnight. It will be interesting to see if silver can hold relative strength against gold should the yellow metal pullback. Platinum continues to trade in a consolidation pattern but from a higher base. Read More
Gold blows through 2000
Gold, silver, and platinum continue to run higher; gold blew through $2,000 and is $2,020 as of 2:30 am EST. It was a surprise that gold didn’t pause at $2000; however, from here, we expect a pause or minor pullback. The speed at which gold moved is too fast and parabolic.
On Monday, silver struggled but has regained its strength overnight and is trading at $26.50 on its way to $30. Unlike gold, silver’s rally has been steady, hugging the trendline on the way up. We expect the rally in silver to continue without too much trouble.
The best performer from a technical view is platinum which has traded as written in textbooks. However, platinum is the weakest in price and distance from the highs. Platinum should reach $1,400 on this move up.
Commodity markets have been exploding, especially wheat, crude, and metals. With equities starting to fail, this will add more power to the commodity markets with money looking for a place to go. Read More
Gold price's break above $2k won't last; Correction is coming as fear subsides - Lobo Tiggre
Fear in the markets has driven up demand for safe-haven assets, which is why both the dollar and gold have been rallying in tandem over the last month, but it’s only a matter of time before this fear subsides, said Lobo Tiggre of The Independent Speculator.
Gold has briefly breached $2,000 an ounce between 5:00 am ET and 6:00 am ET Monday before falling back down. This would be the first time since August 2020 that gold has hit this price level. Spot gold last traded at $1,998.60 an ounce.
Tiggre told David Lin, anchor for Kitco News, that gold’s next price move should be down, not up. Read More
Bulls hit the accelerator and push gold price sharply up and to record high
Comex gold on Tuesday morning scored an all-time record high of $2,074.60, basis nearby futures, as of this writing. The previous record high was hit in June of 2020, at $2,063.00. With the yellow metal reaching new heights, traders can expect bigger daily price moves in the near term. Gold traders will continue to react to the latest news headlines regarding the Russia-Ukraine war. Any de-escalation in the conflict would likely send gold prices sharply lower. However, the precious metals market bulls have an ace up their sleeve that will work in their favor even if the Russia-Ukraine situation does stabilize (which seems a long way off at present) and that’s inflation worries. Rising and even problematic global inflation is likely to continue to attract investor demand into hard assets like the metals in the coming months. April Comex gold was last up $73.50 at $2,069.60. Read More
Gold price hits all-time highs as investor risk sentiment falls sharply
Rising global economic uncertainty and the ongoing war between Russia and Ukraine continue to roil financial markets with safe-haven demand driving the gold price to a new intra-day high.
Tuesday's rally in gold comes as IHS Markit said its Investment Manager Index shows U.S. equity investor risk appetite has dropped to its lowest point in the survey's history.
"The mood among U.S. equity investors has turned much gloomier in March as the intensifying Ukraine crisis exacerbates existing headwinds and concerns. Geopolitics are exerting a greater drag on the market than at any time in the survey's one-and-a-half-year history, as is the deteriorating global economic environment. The invasion has led to heightened worries over slowing growth, soaring inflation, a cost-of-living squeeze, and more protracted supply chain bottlenecks," said Chris Williamson, executive director at IHS Markit and the author of the report. Read More
Nickel prices remain in bullish uptrend as chaos dominates the market
Looking past recent historical volatility in the nickel market, analysts remain bullish on the base metal as chaos dominates the marketplace dominated by growing demand and dwindling supplies.
Tuesday, shock waves rippled through the base metals sector after the London Metals Exchange was forced to halt trading in nickel. In an update, the LME said that it doesn't expect trading will resume in nickel until at least March 11. Traders shouldn't expect to see much of an orderly market when trading resumes.
"The LME currently anticipates that it will set a maximum limit-up and limit-down for all outright contracts in nickel on all Execution Venues of 10% in either direction," the LME said in a statement. "It is, therefore, possible that the market may take more than one day to reach a stable outright Nickel price, if the move required to attain such price is greater than the proposed 10% price limit." Read More
Is $3k next for gold price after breaching all-time highs?
Gold saw a massive move to new record highs above $2,070 an ounce as markets priced in America's ban of Russian oil and other energy imports.
The precious metal powered to new record highs of $2,078.80 an ounce, up more than 4% on the day, driven by safe-haven and inflation-hedge buying. April Comex gold futures were last at $2,075.30, up $80 on the day.
The geopolitical uncertainty concerning Ukraine and new sanctions against Russia have created strong demand for gold. Investors are viewing the precious metal as a hedge against risk, inflation, economic shock, and additional geopolitical uncertainty, according to analysts.
Since the war in Ukraine began, gold ETFs alone saw 55 tons of inflows, said Commerzbank analyst Daniel Briesemann.
"Gold is in considerable demand as a safe haven, as evidenced by persistently high ETF inflows. According to Bloomberg, inflows totaled more than 14 tons yesterday; inflows since the invasion of Ukraine by Russia have amounted to 55 tons."
Plus, this particular geopolitical conflict has spilled over into broader economic and inflation expectations, which makes its impact on gold more permanent. Read More
Gold hits record high and then backs off a bit as U.S. stocks rally
Gold and silver prices are still sharply higher in midday U.S. trading Tuesday, but off their daily highs that saw Comex gold futures hit a record high of $2,078.80. Silver prices notched an eight-month high of $27.495. However, both metals' prices have backed down from their highs on news reports Ukraine says it is no longer seeking to be a member of NATO. U.S. stocks rallied on the news. Traders are thinking (more like hoping) this is Russian President Putin's off-ramp to stopping the war. Right now that's just wishful thinking, however. April gold futures were last up $49.10 at $2,045.60 and May Comex silver was last up $1.135 at $26.84 an ounce.
Image Source: Kitco News
Technically, April gold futures prices hit a record high of $2,078.80 today. Bulls have a strong overall near-term technical advantage and gained more power today. Prices are in a five-week-old uptrend on the daily bar chart. Bulls' next upside price objective is to produce a close 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 today's record high of $2,078.80 and then at $2,100.00. First support is seen at $2,025.00 and then at $2,000.00. Wyckoff's Market Rating: 10.0. Read More
Gold challenges record high but declines after hitting a high of $2078.80
Today gold spiked with a massive gain of $82, taking gold futures within $10 of the record high at $2088, which occurred in August 2020. Just as quickly as gold rose dramatically higher profit-taking and a recovery of U.S. equities resulted in gold trading off of the highs giving up over half of the gains from the intraday high. New York's trading session just ended, and as of 1:30 PM EST, April futures are currently fixed at $2050, a net increase of $55 on the day.
We are witnessing extremely fast market conditions and it will be interesting to see how gold trades after the half-hour break, at which time (2:00 PM EST) Globex trading will begin remaining open until 8:00 AM EST.
Image Source: Kitco News
Gold's massive gains today are a continuation of investors' flight to safety, incorporating gold as the go-to safe-haven asset. Today's gains occurred with moderate tailwinds from dollar weakness which added to the dynamic gain. Read More
Gold is very close to the all-time high leading into the European open
Gold this morning has retracted slightly from the high of $2070.42/oz seen on Tuesday. The price is now just a stone's throw away from the all-time high of $2075.14/oz. Silver is 1% higher this morning and is trading at $26.60/oz. Elsewhere in the commodities complex, both copper (0.30%) and WTI (0.82%) traded higher overnight.
Risk sentiment overnight was slightly mixed. The Nikkei 225 (-0.30%) and Shanghai Composite (-1.13%) closed lower but the ASX rose 1.04%. Futures in Europe are pointing towards a positive cash open.
After the bullish or less dovish talk from the RBA, AUD/USD was the biggest mover in FX markets overnight rising 0.42%. In general, the greenback struggled against all the rest of the majors. In the crypto space, BTC/USD shot up 7.57% to trade at $41,700. Read More
Talk of Embargo on Russian Oil Sees Crude Hit $140, Exacerbating Inflation Fears
A fresh crisis on markets, this time triggered by talk of an embargo on Russian oil, has seen gold gain once again to now be challenging the hugely significant level of $2,000 an ounce at levels not seen since August 2020.
As the war in Ukraine intensifies and the cost of commodities continue to spiral, likely causing a sustained period of high inflation, investors have piled into safe-haven assets like gold as one of the few areas of markets likely to hold their value at this time of geopolitical and - potentially soon - economic crisis.
Image Source: Kinesis
Having initially had a slightly subdued reaction to Russia’s invasion of Ukraine, gold now has real momentum behind it on the back of a series of price surges and could soon set an all-time high in dollar terms, having already done so in a number of other major currencies. Read More
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.
