Make Kitco Your Homepage

Gold looks healthy at current levels

Commentaries & Views

Yesterday’s close: Settled at 1544.6, down 6.0

Fundamentals: Gold is moving firmly higher this morning with U.S Dollar weakness and some cold water over the “Phase One” trade deal lifting the tape. U.S Treasuries are also seeing a steady wave higher this morning, bringing support to the metal. Platinum has surged by more than 3% today and to the highest level since January 2018, signaling a potential end of the most recent wave of profit taking across the metals complex. Silver also tagged $18 after trading to a low of 17.69 yesterday. U.S PPI data was soft this morning, offsetting a marginally better read on NY Empire State Manufacturing. New 2020 Fed voters speak today, Philadelphia Fed President Harker at 10:00 am CT and Dallas Fed President Kaplan at 11:00 am CT. The Fed releases their Beige Book at 1:00 pm CT.

Technicals: Today’s move is healthy and works to solidify a near to intermediate-term bottom. Still, we must see a close above first key resistance at 1554.5-1558.4 in order to neutralize the recent wave of weakness and a close above major three-star resistance at 1565.8-1571.7 to turn near-term bullish again. Our momentum indicator comes in at 1549 and this will keep the tape favorable on the session.

Bias: Neutral/Bullish

Resistance: 1554.5-1558.4**, 1565.8-1571.7***,1583.9*, 1588.2-1595.7***, 1613.3**, 1626**

Pivot: 1549

Support: 1538.3-1541**, 1529.8-1533.2***, 1510-1514.3***

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News