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Gold bulls work to stabilize the market
2022-04-29 06:55:10

Gold bulls work to stabilize the market

Kitco News

(Kitco News) - Gold prices are trading near steady in midday action Thursday. The gold and silver bulls are trying to stop the recent price downdrafts that pushed prices to nine-week lows overnight. A strong U.S. dollar and rising bond yields have been hammering the two metals recently. June gold futures were last up $0.90 at $1,889.50 and May Comex silver was last down $0.36 at $23.10 an ounce.

This morning’s advance first-quarter U.S. gross domestic product report showed a surprisingly weak reading of -1.4%. That was worse than expectations for a rise of 1.0% and compares with the fourth-quarter 2021 GDP reading of up 6.9%. The gold market saw a mild rally in the aftermath of that report, but the gains could not be held. Traders reckoned the weak GDP number might give the Federal Reserve some pause on its aggressive monetary-policy-tightening stance, but those notions did not last long as most believe fighting inflation is the Fed’s main priority now, even if it causes the U.S. economy to slip into recession.

Global stock markets were mostly higher overnight. U.S. stock indexes are higher at midday. The U.S. stock index bulls are working to shore up their markets after getting shellacked on Tuesday. The major indexes remain in near-term downtrends on the daily charts, suggesting the path of least resistance for prices remains sideways to lower. This week is the busiest U.S. corporate earnings week of the quarter. So far most of the earnings reports have been upbeat.


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In overnight news, the Japanese yen hit a 20-year low against the U.S. dollar as the Bank of Japan has reinforced its commitment to low interest rates despite rising inflation. Japan is bucking the trend of other major countries who have or are considering tightening their monetary policies. Meantime, the Euro currency fell to a five-year low against the dollar as soaring energy prices crimp the Euro zone economy. The U.S. dollar index is solidly up again today and hit another two-year high.

The other key outside markets today sees Nymex crude oil futures prices higher and trading around $104.75 a barrel. The yield on the 10-year U.S. Treasury note is presently fetching 2.82%.

Live 24 hours gold chart [Kitco Inc.]

Technically, June gold futures prices hit a nine-week low early on today. A price downtrend line is in place on the daily bar chart. Bears have the slight overall near-term technical advantage and have momentum on their side. Bulls' next upside price objective is to produce a close above solid resistance at this week’s high of $1,935.50. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,850.00. First resistance is seen at $1,900.00 and then at $1,915.00. First support is seen at today’s low of $1,870.90 and then at $1,850.00. Wyckoff's Market Rating: 4.5

Live 24 hours silver chart [ Kitco Inc. ]

May silver futures prices hit another nine-week low early on today. A price downtrend line is in place on the daily bar chart. The silver bears have the overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at $25.00 an ounce. The next downside price objective for the bears is closing prices below solid support at $22.00. First resistance is seen at today’s high of $23.41 and then at Wednesday’s high of $23.765. Next support is seen at today’s low of $22.895 and then at $22.50. Wyckoff's Market Rating: 3.5.

May N.Y. copper closed down 420 points at 441.70 cents today. Prices closed near mid-range today and hit a three-month low. The copper bears have the overall near-term technical advantage. A price downtrend line is in place on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 470.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the January low of 428.80 cents. First resistance is seen at today’s high of 446.90 cents and then at Tuesday’s high of 452.45 cents. First support is seen at today’s low of 436.65 cents and then at 430.00 cents. Wyckoff's Market Rating: 4.0.





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