Kitco Silver Charts 24 Hours Spot

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Kitco Silver Charts 24 Hours Spot – After four consecutive gains in gold spot and futures prices, gold was slightly lower at $17.10. After taking into account today’s decline, gold for the April Comex contract is pegged at $1,825.60. Silver also suffered losses today, but they were only a fraction, with the most active March 2021 contract down five cents to currently trade at $27.03.

Many analysts argued that today’s drop in prices was largely the end product of long-term higher interest rates on US Treasuries. According to MarketWatch, Altavest managing partner Michael Armbruster said, “Gold bugs are unlikely to do well in a bullish environment. In other words, gold’s path of least resistance is lower as long as long-term Treasury yields are trending higher.”

Kitco Silver Charts 24 Hours Spot

Kitco Silver Charts 24 Hours Spot

But not all analysts are bullish on gold, as J.P. said. Morgan analyst: “The yield-inflation tide is turning … the new cycle will be driven by post-pandemic recovery, inflation, accommodative monetary and fiscal policy, a weakening US dollar and the global fight against climate change.”

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This followed a statement last week from the head of commodities research at Goldman Sachs, which predicted that silver prices would rise to $30 an ounce without fiscal stimulus and up to $33 an ounce if Biden is able to enact his aid package.

Bank of America is also predicting a rise in the commodity mix overall as the recovery has gained momentum this year and is supporting the recovery of the global economy.

After last Friday, when gold hit an intraday low below $1,800, the next four days produced a series of higher prices that took prices just below $200 and the 50-day moving average. This suggests that we still have considerable resistance in these medium gold futures on a technical basis.

One technical study that offers a good opportunity for a return to a neutral or bullish position is the relationship between gold’s 50- and 200-day moving averages. Last week there were reports that a “killer” was threatening. But that hasn’t happened yet, and there’s actually a reasonable chance of avoiding it altogether.

What Was The Highest Price For Silver? (updated 2022)

This opportunity to avoid the death cross exists because there is a good chance that the president will be able to pass a $1.9 trillion aid package that is not fully accounted for at the current price. If this support develops or weakens unhindered, we may see a reversal of today’s selloff and an uptrend in gold.

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of Metals Inc. positions. The author has taken great care to ensure the accuracy of the information presented; but not Metals Inc. nor can the author guarantee accuracy. This article is for informational purposes only. This is not an offer to exchange goods, securities or other financial instruments. Metals Inc. and the author of this article assumes no responsibility for any loss and/or damage arising from the use of this publication.

What is inflation? Top economist Steve Hanke shares the basics you need to know November 6, 2022 09:50

Kitco Silver Charts 24 Hours Spot

What is inflation? Top economist Steve Hanke presents the basics you need to know November 4, 2022 4:24 AM PME Editor’s note. Our quick roundup of today’s must-see news and expert opinions that rocked the precious metals and financial markets will have you up to speed in minutes. Register here!

Gold At $1678 Has Demonstrated Technical Support On Multiple Instances

It’s a selloff that dominated today’s lower gold and silver prices, with the US dollar actually weakening, giving both precious metals a slight backlash. As of 4:34 PM EDT, physical gold is currently down $7.60 to settle at $1,498.90. Taking a closer look at the KGX (gold index), regular trading today saw the price of gold drop $9.25, but factoring in the weakness of the dollar and adding $1.65 gives you a net price drop of $7.60 today.

Gold futures share the same key ratio, with December futures currently down $8.20 at $1,507.30. That’s a net drop of 0.54% on the day. If you look at the current price of the dollar index, it is still firmly fixed above 98, but a net loss of 0.08% means that the actual drop in gold futures today was 0.62%.

Silver futures are also trading lower today, but remain just above the key psychological level of $18 an ounce. The current price for the December contract is $18.08 an ounce.

After the recent and dynamic rally in gold and silver prices, it is not unusual to see a consolidation or even a correction. As gold and silver trade lower from recent highs, there is a chance to find technical support at the set level.

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As for gold futures, selling pressure over the past three consecutive days has pushed the current price to $1,506.70, following a year high of $1,564.90. Our technical research suggests that support for gold futures could be strong at $1,496.60, a 23% change from the June low of $1,267.90 to the year’s high of $1,564. If gold holds above $1,500, it certainly suggests that the rally that began this year is still fairly intact, with no major damage to the chart.

The next level of major support should be the 50-day moving average, which is currently at $1470.40. As long as gold futures can trade above this price and do not break above the short 50-day moving average on a technical basis, this is a simple correction and consolidation that could lead to gold starting to rally again. Below this price is the 0.38% retracement level at $1452. Personally, our research suggests that $1,496.60 should do. However, a break below this level could signal a move towards the 50-day moving average.

Silver is also down for a third day in a row after hitting a high of $19.74 just before the last three trading days. Based on our Fibonacci retracement from just below $15/oz to $19.73/oz, silver has already breached the 0.23% retracement level ($18.34) and is trading precariously close to 0.38% at $17.92 .

Kitco Silver Charts 24 Hours Spot

It will be important to see where gold and silver prices go this week and if they trade lower or if the technical support levels we identified hold or not.

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Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of Metals Inc. positions. The author has made every effort to ensure the accuracy of the information provided; but not Metals Inc. nor can the author guarantee accuracy. This article is for informational purposes only. This is not an offer to exchange goods, securities or other financial instruments. Metals Inc. and the author of this article assumes no responsibility for any loss and/or damage arising from the use of this publication.

What is inflation? Top economist Steve Hanke shares the basics you need to know November 6, 2022 09:50

What is inflation? Top Economist Steve Hanke Presents the Basics You Need to Know November 4, 2022 04:24 A pot of gold led price gains against the August 2020 Comex contract, the most active futures contract. Spot or forex prices are currently set at $1,738.59, up more than $9 a day. The most active August gold futures contract is currently settled at $1,750.80, a net loss of $0.90 on the day.

Today’s spot and futures movements were heavily influenced by the weakness of the dollar, which accounts for most, if not all, of today’s price movements. According to the KGX (Gold Index) as of 4:46 PM EST, spot gold is currently set at $1,736.90. Net profit for the day $8.20. However, the dollar’s weakness saw spot gold rise to $8.60, while bullion dealers offered just $0.40, sending gold spot prices higher.

Gold And Silver Down, But Not Out!

Along with the current pandemic and the protests, riots and looting this weekend, there is serious concern about rising tensions between China and the US. According to Bloomberg, China has suspended some U.S. agricultural imports, which not only threatens the trade deal, but essentially violates the agreement reached for the first phase of the trade deal.

Bloomberg reported that “Chinese government officials have ordered major state-owned agricultural companies to halt purchases of some U.S. agricultural products, including soybeans, as Beijing assesses further escalation of tensions with the United States over Hong Kong, according to people familiar with the situation. “

The report also states that state-owned traders Cofco and Sinograin have been ordered to stop purchases. The report continued to add. “The impasse is the latest sign that the hard-won first phase of a trade agreement between the world’s two largest economies is in jeopardy. Although last month Chinese Premier Li Keqiang

Kitco Silver Charts 24 Hours Spot

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