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Gold Price News: Gold Ends Week Higher on Mid-East Tensions
Gold prices pushed higher on Friday, testing the upside at above $2,400 an ounce, as tensions continued to simmer in the Middle-East after an apparent Israeli strike against Iran.
Prices rose to a high of $2,418 an ounce before easing back to around $2,395 an ounce later in the session. That compared with around $2,380 an ounce in late deals on Thursday.
News agencies on Friday reported that Israel had launched limited air strikes overnight against the Isfahan province of central Iran. Iran’s foreign minister reportedly said that no-one was injured and that no damage had occurred as a result of the attack.
Nevertheless, the latest developments were enough to inject fresh risk premium into the gold price, keeping the metal supported due to its safe-haven appeal. Read More
Silver Price News: Silver Gains But Stays Within Weekly Range
Silver prices strengthened slightly on Friday to close out a week of consolidation for the white metal, after reaching multi-year highs of over $29.60 an ounce on April 12.
Prices rose as high as $28.97 an ounce on Friday, before easing back to around $28.65 an ounce later in the day. That compares with around $28.25 an ounce in late deals on Thursday.
The trading action showed that silver prices held within the price range established on Monday and Tuesday, with prices moving around 50 cents either side of $28.50 through the week.
Silver took a lead from gold prices, which were similarly flat-to-slightly-bullish through the week, following all-time highs seen on April 12.
Ongoing tensions in the Middle-East continued to support safe-haven flows through the week, although a modicum of respite came on Friday as it appeared that Iran and Israel were not immediately locked into a round of escalating retaliatory strikes, as some had feared. Read More
Gold is overbought, but silver prices see fresh support from Indian demand – Heraeus
In the absence of strong demand outside of China, gold prices are due for a correction, but a strong rebound in Indian fabrication restocking should support silver prices this year, according to precious metals analysts at Heraeus.
In the company’s latest report, the analysts noted that bad news on the geopolitical and inflation fronts has been good news for gold.
“The gold price pencilled in a joint record weekly close of $2,395/oz last week, even as Fed chairman Jerome Powell signalled that he would keep interest rates at current levels for as long as necessary to bring down inflation,” they wrote. “US Treasury yields rose across the curve with the short end closing in on 5%, and the US dollar rose to the strongest level in five months.”
The analysts said that under normal conditions, higher yields would be a headwind for gold, but it seems now that gold buyers appear to be “pricing the Fed lagging inflation” as it remains above their 2% target. Read More
Gold price down more than 2%, correction has just begun, but analysts see a buying opportunity
Commodity analysts have been warning that gold’s rally to record highs above $2,400 created dangerously overbought market conditions; however, with solid fundamentals, analysts have also said that any market correction should be seen as a buying opportunity.
Although gold is seeing a sharp sell-off to start the week, some analysts believe that investors need to put the price action into perspective. Although gold prices are down more than 2% early in the North American session, they appear to be holding initial support at around $2,350 an ounce.
June gold futures last traded at $2,348.60 an ounce, down 2.7%% on the day. Along with holding a critical support level, gold’s 2% drop is still minor compared to its broader rally. Since holding support at $2,000 in February, gold prices are still up nearly 17.5%.
Silver is seeing an even sharper correction as it has fallen below $28 an ounce. May silver futures last traded at $27.525 an ounce, down 4.6% on the day. Read More
Gold, silver sell off sharply on downside corrections, less risk aversion
Gold and silver prices are sharply lower in midday U.S. trading Monday, on profit-taking pressure and weak long liquidation in the futures markets. So far, these are just routine downside price corrections in major bull-market runs. More strong selling pressure this week would become more worrisome for the gold and silver bulls. There has also been a perceived easing of tensions in the Middle East, which is a negative for the safe-haven metals. June gold was last down $64.80 at $2,349.90. May silver was last down $1.534 at $27.305.
Broker SP Angel said today in an email dispatch: “Many gold miners will be forward selling into the new high price levels, with the influx of new metal into futures markets likely to temper further price rises.
Technically, June gold futures bulls still have the solid overall near-term technical advantage. A nine-week-old uptrend is still in place on the daily bar chart. So far, this is just a routine downside price correction in an uptrend. Bulls’ next upside price objective is to produce a close above solid resistance at the contract high of $2,448.50. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,250.00. First resistance is seen at $2,375.00 and then at $2,400.00. First support is seen at today’s low of $2,344.70 and then at $2,337.00. Wyckoff's Market Rating: 7.5.
Image Source: Kitco News
May silver futures bulls still have the solid overall near-term technical advantage. A two-month-old price uptrend is still in place on the daily bar chart. So far, this is just a normal downside price correction in an uptrend. Silver bulls' next upside price objective is closing prices above solid technical resistance at $30.00. The next downside price objective for the bears is closing prices below solid support at $26.00. First resistance is seen at $28.00 and then at $28.25. Next support is seen at today’s low of $27.155 and then at $27.00. Wyckoff's Market Rating: 7.5. Read More
Image Source: Kitco News
Gold investors witness largest single-day drop since February 2021
Image Source: Kitco News
Gold investors and traders witnessed the largest single-day drop in gold futures in over three years on Monday. Gold futures plummeted by $65.60, or 2.73%, marking the steepest decline since February 2021.
The catalyst behind this sharp sell-off was Israel's restrained response to the recent missile and drone attack launched by Iran. Despite the massive barrage of over 300 missiles and drones targeting Israel last Saturday, the Israeli retaliation was relatively muted, avoiding a significant escalation of tensions in the Middle East.
From a technical standpoint, Monday's sell-off could be an isolated event, triggered by the specific fundamental factor of Israel's restrained retaliation, which alleviated fears of an escalating Middle East conflict.
Market participants may now shift their focus to upcoming inflation data for March, specifically the Personal Consumption Expenditures (PCE) report scheduled for release on Friday, April 26, at 8:30 AM ET. Read More
Gold price could drop through the summer but will end the year around $2,500 - Capitalight’s Chantelle Schieven
The gold market is seeing solid selling pressure after failing to hold its ground at $2,400 an ounce. Although the market has room to fall lower during the summer, one market analyst says that the precious metal remains in a solid position to rally by year-end.
In an interview with Kitco News, Chantell Schieven, Head of Research at Capitalight Research, said that not only is gold technically overbought, but it has also started its historical seasonal weak period. In this environment, Schieven noted that she sees gold prices potentially falling back to $2,150 an ounce, representing the March breakout level.
Although Schieven is looking for a correction in gold in the next few months, she remains a long-term bull. She said she is raising her year-end price target to $2,500 an ounce, up from $2,400 an ounce. Read More
Gold is ‘good money’ as a hedge against inflation and default risks, says billionaire investor Ray Dalio
Billionaire investor Ray Dalio has had a mixed relationship with the U.S. dollar over the last few years, and it appears he is once again raising doubts about the health of the greenback.
In a commentary posted to LinkedIn on Thursday, the former Bridgewater Associates CEO said he is holding gold as a hedge against a potential debt crisis and higher inflation.
The comments come as the U.S. government's burgeoning debt comes into greater focus. The U.S. national debt has surpassed $34.5 trillion. However, this is not just a United States-based threat. Read More
Live From The Vault - Episode: 169
BRICS GOLD train leaving the station - Destination Revalue Rd.
In this week’s episode of Live from the Vault, Andrew Maguire is joined by TF Metals Report’s Craig Hemke to address the community’s pressing questions on the FED’s suppression struggles, predictions for gold and silver and insight into BRICS.
The precious metals experts explore the significance of physical gold deliverability towards the success of the BRICS currency, which is forcing Western central banks to drastically reevaluate their predictions on the gold price.
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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 any other advice.
