x
Image Source: Unsplash
Silver Price News: Silver Steady, Holding Onto Mid-Week Gains
Silver prices were steady on Friday after recapturing losses seen at the beginning of the week.
Prices moved in a range of $22.75 to $22.98 an ounce on Friday, little changed from Thursday’s range.
Both silver and gold were in a holding pattern at the end of the week, as the markets mulled the latest figures from the US, which painted a mixed picture on the economy.
Monthly personal income figures for December came in above forecasts, while monthly personal spending fell below market expectations, according to figures released Friday. The latest data provided few clues on the outlook for US interest rates, with the markets mulling the likelihood that the US Fed may start a cycle of interest rate cuts in the next few months. Read More
Gold Price News: Gold Treads Water After Mixed US Data
Gold prices were range bound on Friday, showing little conviction in either direction, and closing out a week that was slightly bearish for prices overall.
Prices briefly touched the $2,025 an ounce mark on Friday but eased lower to around $2,018 an ounce later in the day. That compared with a mid-week push higher to around $2,035 an ounce on Wednesday.
The markets were digesting mixed signals from the US on Friday, with monthly personal income figures for December coming in slightly above consensus, but monthly personal spending underperforming against expectations.
Despite the moderate weakness seen across the week as a whole, gold prices have managed to hold up above the psychological $2,000 an ounce mark since mid-December. It will be worth noting whether any further downside in the coming days will test that key level. Read More
Gold gains on Middle East risks; Fed meeting in focus
Gold prices firmed on Monday as growing concern over the Middle East bolstered bullion's safe-haven appeal, while markets await this week's U.S. Federal Reserve policy meeting for a steer on interest rate expectations.
Spot gold gained 0.5% to $2,029.10 an ounce by 1325 GMT and U.S. gold futures were up 0.6% at $2,029.50.
"Despite the escalation in Middle East conflict, gold didn't really escape the narrow range. This means that what markets are still really focusing is on the Fed's monetary policy and the likely path of interest rate cuts," said Ricardo Evangelista, senior analyst at ActivTrades. Read More
Gold balancing on a knife's edge, waiting for the Fed to cut rates
A rising disinflationary environment provides the Federal Reserve room to ease its monetary policy within the first quarter of this year; however, solid economic activity does not give the central bank any incentive to act.
This uncertainty has a firm grip on the gold market as prices consolidate within a narrow range, holding critical support above $2,000 an ounce. Gold prices are looking to end their second week in negative territory. February gold futures last traded at $2,015.80 an ounce, down 0.7% from last week.
According to some analysts, new momentum in the gold market hinges on the Federal Reserve’s monetary policy, as markets see a 50/50 chance of a rate cut coming as soon as March.
“With the U.S. growth outlook improving, the FOMC is in no hurry. With that in mind, the current number of projected rate cuts can not go any higher until the cat is out of the bag (cuts begin) or economic data suddenly takes a turn for the worse,” said Ole Hansen, head of commodity strategy at Saxo Bank. Read More
Inflation cools, missile strikes in the Red Sea, and yet gold prices remain flat
Image Source: Kitco News
Today’s report by the Commerce Department came in just under the expectations of economists polled by Dow Jones. Economists were forecasting that the PCE for December would come in at 3% year-over-year. Today’s report revealed that inflation is cooling with a reading of 2.9% yearly, a decline of 0.3% when compared to November’s yearly inflation level which was at 3.2%.
Yesterday’s fourth quarter GDP report revealed a robust economy in the U.S. which grew at a rate of 3.3% in Q4. Collectively, these two reports indicate that the recent restrictive monetary policy of the Federal Reserve has made an impact on inflation, in tandem with an unexpected resilience in the U.S. economy.
Geopolitical tension in the Red Sea continues to accelerate, with a report today revealing that Houthi militants fired a ballistic missile at the USS Carney in the Gulf of Aden on Friday. Read More
Gold, silver get modest lifts on safe-haven buying
Gold and silver prices are mildly higher in midday U.S. trading Monday, but down from daily highs, on some safe-haven buying after a terrorist strike in Jordan killed three U.S. soldiers. February gold was last up $6.90 at $2,024.00. March silver was last up $0.248 at $23.12.
Risk aversion is keener to start the trading week after an Iran-backed Houthi drone strike against U.S. troops in Jordan killed three U.S. soldiers. President Biden said the U.S. would respond. U.S. stock index futures are mixed at midday, but not far below last week’s record highs.
The U.S. economic data point of the week is the Open Market Committee meeting of the Federal Reserve that begins Tuesday morning and ends Wednesday afternoon with a statement and press conference from Fed Chairman Jerome Powell. The FOMC is not expected to change U.S. monetary policy at this meeting but will likely give fresh guidance on futures policy plans.
Technically, February gold futures bulls have the slight overall near-term technical advantage but have faded recently. A three-month-old uptrend on the daily bar chart has been negated and prices are now in a six-week-old downtrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $2,067.30. 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 high of $2,037.20 and then at $2,050.00. First support is seen at today’s low of $2,018.80 and then at the January low of $2,004.00. Wyckoff's Market Rating: 5.5.
Image Source: Kitco News
March silver futures bears have the overall near-term technical advantage. A seven-week-old downtrend is in place on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $24.00. The next downside price objective for the bears is closing prices below solid support at the October low of $21.17. First resistance is seen at today’s high of $23.195 and then at $23.50. Next support is seen at today’s low of $22.88 and then at $22.465. Wyckoff's Market Rating: 3.5. Read More
Image Source: Kitco News
Live From The Vault - Episode: 157
Russia & China’s dedollarisation tactics exposed
In this week’s episode of Live from the Vault, Andrew Maguire delivers crucial updates on the accelerating dedollarisation process and the impending gold price reevaluation - and explains how it will also impact silver.
The London whistleblower takes listeners through insider info on central bank activity, revealing game-changing events that might affect traders in the US and around the world, and analyses what’s happening in the markets right now.
.png)
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.
