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Kitco 24 Hour Gold Prices

Tuesday, January 31st 2023. | Sample Templates

Kitco 24 Hour Gold Prices – On Tuesday, March 8, gold traded at a high of $2,078, about $10 below the high of $2,088, which was reached in August 2020. Gold’s current decline is the first of the real price since last January, when gold fell. Low around $1780. Until Tuesday of this week, what followed in February was a dynamic rally that saw gold gain about $300 when gold was trading at $2078. On Wednesday, March 9, gold opened higher than Tuesday’s closing price of $2,043, but closed significantly lower, resulting in a price drop of $72. Tuesday’s sharp drop sent gold down 3.49%, its biggest one-day loss in 2022.

At 4:45 p.m. EST, the benchmark gold futures contract, the most active April contract on the Comex, now settled at $1990.20, a net decrease of $10.30, or 0.51%. However, this decline can largely be attributed to the strength of the dollar. The dollar is currently up 0.63% and the dollar index is steady at 99.12. While the price of gold is lower today, it is a result of the strength of the dollar and the purchase of fractional gold.

Kitco 24 Hour Gold Prices

The gold spot is currently set at $1988.60, a net decrease of $8.60 on the day. The gold index shows that dollar strength sent gold down $12.40, with partial buying leading to a $3.80 gain, resulting in a net change today of $8.60

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This week’s price action marked the start of the first correction since late January. Gold is currently down 0.382% from Tuesday’s high of $2,078 to today’s low of $1,960. 0.382% is the key Fibonacci retracement number. A shallow price correction based on the Fibonacci retracement level will start at 0.236%, followed by a decline to 0.382% with a sharp retracement equal to 0.618%, or 0.78%. On a technical basis, these four Fibonacci retracement levels are the most important numbers to focus on. Technical traders use these levels to track potential support levels that could signal the conclusion of a correction.

That said, according to the study of three different moving averages (50 days, 100 days and 200 days), gold is still in full harmony. Market analysts use 50-day, 100-day, and 200-day moving averages as benchmarks to determine short-term and long-term market sentiment. If the price of a stock or commodity is currently above 50 days average market analysts interpret short-term market sentiment as bullish. The 100-day moving average is used to determine short-term market sentiment, and the 200-day moving average shows long-term market sentiment. If 50 days is over 100 days and 100 days over 200 days, it is interpreted as voluntary.

The second chart is the daily gold futures candlestick chart, which clearly shows that gold is in a fully bullish position. The 50-day moving average is currently at $1,861.70, followed by the 100-day moving average at $1,832.20 and the 200-day moving average at $1,816.10. Gold prices entered a fully trending position in the last week of February when the 100-day moving average crossed the 200-day moving average. As the price of gold continues to rise, we can see that all three moving averages are in a period of divergence, which means that the price between each moving average is rising.

Based on the two technical studies we discussed above, we can conclude as follows. First, on a technical basis, the gold future low touched the 0.382% Fibonacci retracement level, which is an acceptable level if this current correction extends into a shallow correction, as seen in table 1. Does not confirm the price. it will stabilize here, but it is an important level to see if the price of gold is at this level ($1964) or trades below. Second, while this week’s correction caused the price to drop 5.48% from Tuesday’s high to today’s low, all three moving averages are still in full alignment, as shown in table 2.

Gold Slides 1.6% On Week; Silver Logs 3.8% Weekly Loss

Finally, while we may see more price declines on a technical basis, this week’s price declines did not cause significant chart damage, but did lead to price corrections from Tuesday’s highs.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Metals Inc. The author has made every effort to ensure the accuracy of the information provided; However, both Metals Inc. or the author can guarantee such accuracy. This article is for informational purposes only. It is not a request to exchange goods, shares or other financial instruments. Metals Inc. And the author of this article is not responsible for any loss and/or damage arising from the use of this publication.

Gold demand to rise by almost a decade in 2022 due to central bank buying and selling – WGC Jan 31, 2023 at 1:02 am

Kitco 24 Hour Gold Prices

Three factors that have transformed the gold market in the last 30 years – WGC 31 January 2023 01:02

What Moves Gold Prices?

Tech, megacaps pull Wall St lower as major markets open week of Jan 30, 2023 4:44 pm (News) Gold and silver prices fell sharply in trading on early Monday in the U.S., pressured by a higher U.S. dollar index and rising U.S. inflation. and lower crude oil prices. The prospect of a tightening of monetary policy by the US Federal Reserve continues to hang over the precious metals market. December gold was down $25.20 at $1,684.10 and December silver was down $0.40 at $19.86.

Most global stock markets fell overnight. US stock indexes are expected to open slightly lower when the New York session begins. Many US government offices and banks are closed Monday for the Columbus Day holiday. Stock market traders will focus on the flurry of corporate earnings reports released this week.

Risk aversion is still high to start the trading week. Russia-Ukraine War Intensifies as Russia Fires Missiles at Several Ukrainian Cities After a Bridge Russia’s strategy in Crimea has been severely damaged by the blast by the Ukrainian military. A criminal At the same time, North Korea tested a missile to bring down the West, in the already tense geopolitical environment of the world.

Major foreign markets saw the US dollar index rise today. Nymex crude prices were higher, trading around $92.00 a barrel. The US Treasury market was closed on Monday for the holiday.

Gold And Silver Prices Slide Lower Following Us Jobs Report — Analyst Says Data Suggests ‘market Bottom Is In Place’

US economic data due on Monday was light and included the employment trend index. Traders are eyeing Thursday morning’s key US inflation report, the September consumer price index, which is expected to have risen 8.1% year-on-year, following an increase of 8, 3% in August.

Technically, December gold futures bears have a strong overall technical advantage and are regaining energy. The next upside price objective for the bulls is to close production above solid resistance at the October high of $1,738.70. The Bears’ next short-term downside price objective is to push the futures price below solid technical support at the September low of $1,622.20. First resistance is seen at $1,700.00 and then at the overnight high of $1,707.40. First support is seen at $1,675.00 and then at the October low of $1,666.50. Wyckoff Market Rating: 2.5

September touch futures have lost some of their overall technical edge. The next bullish target for silver touches is a close above strong technical resistance at the October high of $21.31. The next downside price objective for the bears is a close below the solid support at $18.00. First resistance is seen at $20.00 and then at today’s high of $20.21. The next support is seen at today’s low of $19.62 and then at $19.25. Wyckoff Market Rating: 4.5.

Kitco 24 Hour Gold Prices

Gold Could Increase To $3,000 $3,500 In A Short Period Of Time

Gold demand to rise by almost a decade in 2022 due to central bank buying and selling – WGC Jan 31, 2023 at 1:02 am

Three factors that have transformed the gold market in the last 30 years – WGC 31 January 2023 01:02

Tech, megacaps drag Wall St lower as big market week begins Jan 30, 2023 4:44 p.m. The market forces and events that have pushed gold to higher prices since late March are still in play. The two main forces are the weakness of the dollar and data indicating rising inflation. Both of these factors have a significant impact on Treasury yields, and Treasury yields also affect bullish or bearish gold sentiment. Recently, the US Department of Labor showed that the consumer price index has increased to 4.2% in April. It increased by 2.6% compared to the data published in March.

According to economists,

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