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Gold and silver start the European session mixed
Gold and silver are trading mixed this morning. The yellow metal suffered from more losses on Tuesday after hitting a low of $1750.78/oz and this morning the price is around $9 higher. Silver on the other hand trades at $25.81/oz 0.28% higher overnight after also dropping in yesterday's session.
In the rest of the commodities complex, copper has moved to $4.25/lb 0.14% higher and spot WTI is trading just under flat at $73.40/bbl. Read More
Digesting the data out of Europe this morning
There has been a huge amount of data this morning across the major nations in Europe.
First up was the U.K where analysts received the news that in Q1 the drop in GDP was deeper than reported in the initial flash estimate. The figure came in at -1.6% when -1.5% was expected.
It was not all bad news as households increased their savings sharply at the beginning of the year as the third coronavirus lockdown closed pubs, restaurants, and shops. The UK’s savings ratio rose to 19.9 percent from 16.1 percent in the fourth quarter of 2020. This is the second-highest savings ratio on record after a leap to 25.9 percent between April and June last year during the first lockdown, according to the Office for National Statistics. Read More
Commerzbank is still bullish long term on gold
Karen Jones and the technical team at Commerzbank have released their latest note on gold and precious metals. A few months back the team called a great move higher in the precious metal and this time out they have a short-term view that gold could push lower.
She wrote "Gold stays directly offered below the 100-day ma at 1790.72. However, it is going to shortly encounter the key support at the 1735 2019-2021 uptrend line. While above there we will retain our longer-term upside bias.".
Adding more specifics to the higher timeframe Jones noted "Longer term we still target the 1959/65 November 2020 high and the 2021 high. These guard the 1989/78.6% retracement and the 2072 2020 peak.". Read More
Gold sees modest price weakness amid bearish charts
Gold prices are a bit lower and silver prices a bit higher in early U.S. trading Wednesday. Bearish near-term technical charts and scant risk aversion in the marketplace as the first half of 2021 draws to a close today continue to keep buyers of the safe-haven metals squelched. August gold futures were last down $2.60 at $1,760.90 and September Comex silver was last up $0.079 at $25.975 an ounce. Read More
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Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or other advice.
