Commerzbank make some sense of the moves in Platinum and Palladium
(Kitco News) - Commerzbank commodities analyst Daniel Briesemann has written a comment about the recent surge in precious metal prices over this week. Briesemann's comments came after gold climbed significantly to a two-month high of $1,840 per troy ounce yesterday afternoon and is still trading at this level this morning.
Silver Technical Analysis: Upside levels in focus
(Kitco News) - Precious metals have had a nice rally over the past few sessions and silver has now taken out a nice resistance at $24/oz.
Gold is holding at higher levels leading into the European open
(Kitco News) - Gold is flat leading into the European open but this comes after a decent price rise on Wednesday ($1840/oz). Silver is also largely flat and is trading at $24.10/oz. In the rest of the commodities complex, copper is trading 1.30% higher while spot WTI has lost around -0.88% of its value.
Bullish pattern test on the hourly chart
(Kitco News) - The technical signals are looking good this morning for gold on the intraday timeframes. The price has found support at $1804/oz at the 50% Fibonacci retracement area and now is pushing higher towards the middle of the current consolidation.
Indian gold demand remains firm according to the WGC
(Kitco News) - The Indian CEO of the World Gold Council (WGC) has been on the wires discussing his thoughts on the Indian gold market. P.R. Somasundaram said that demand was affected by the pandemic due to lockdowns and the lack of weddings but there has been an increase in demand.
Gold holds up and silver rises heading into the European open
(Kitco News) - Gold is flat this morning despite rising yields. The yellow metal is trading at $1813/oz. Silver has risen 0.44% overnight to hit $23.5/oz. In the rest of the commodities complex, copper is trading 0.31% higher and spot WTI lost -0.55% after hitting its highest level since October 2014.
Copper fails to react as China lays out economic plans
(Kitco News) - It is no secret that the Chinese economy has not managed to bounce back after the covid-19 pandemic. The nation has continued to struggle with new cases reported every day. This means that some important supply chains have been restricted by the pandemic.
German ZEW data indicates a positive outlook
(Kitco News) - German ZEW survey expectations for January jumped to hit 51.7 vs expectations of 32.0 the previous reading was 29.9. The current conditions were relatively poor printing at -10.2 worse than the estimates of -8.8.
Gold and silver edge lower heading into the European open
(Kitco News) - As U.S. fixed income yields rose overnight the USD strengthened and this sent gold (-0.24%) and silver (-0.18%) lower. In the rest of the commodities complex, copper trades -0.22% in the red while spot WTI bucked the trend to push 1.57% higher.
UBS forecasts weaker gold prices for 2022
(Kitco News) - Dominic Schnider, UBS wealth management, head of commodities & APAC FX and macro gave an interview about this take on commodities and the global commodities index. He said "demand has been robust in the developed world, that's the main story"
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