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Gold prices at 2-mo. high; bulls head into 2020 with momentum

Gold Investment Experts by Gold Investment Experts
in Platinum Bars
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Gold prices at 2-mo. high; bulls head into 2020 with momentum
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Editor’s Note: 2020 is expected to be another year of significant uncertainty and turmoil. But the question is what asset will emerge the victor when the dust settles from the global trade war, Brexit, recession threats, negative bond yields. It’s a showdown of global proportions, so don’t miss all our exclusive coverage on how these factors could impact your 2020 investment decisions.

(Kitco News) –  Gold and silver prices are greater in early U.S. futures buying and selling Tuesday, with gold scoring a two-month excessive and silver a seven-week excessive. Each metals are poised to shut out December at technically bullish month-to-month excessive closes on this final day of the month and the yr. A slumping dollar on the world overseas change market is now in focus for treasured metals market bulls. February gold futures were last up $5.00 an ounce at 1,523.60. March Comex silver prices were last down $0.054 at $18.065 an ounce.

Asian stock indexes were mostly firmer overnight, while European stock indexes mixed to lower in quieter trading. The U.S. stock indexes are also pointed toward slightly higher openings when the New York day session begins, on this last trading day of 2019. Many U.S. markets close early today for the New Year’s holiday on Wednesday, when most global markets are closed.

Trader and investor attitudes remain upbeat going into 2020, due in large part to the world’s two largest economies, the U.S. and China, seeing a thaw in the more-than-two-year-old trade war that has slowed global economic growth. Most believe a partial trade deal will be signed in January.

A feature in a generally quiet, holiday marketplace the past few days has been many currencies rallying significantly against the U.S. dollar, including the Swiss franc, Euro currency, Japanese yen, Canadian dollar and Australian dollar. The U.S. dollar index hit a five-month low overnight and is poised to close at a technically bearish monthly low close today, which would suggest more downside price pressure for the greenback in early January, or longer. This is a bullish development for the raw commodity sector, as most raw commodities are priced in U.S. dollars on the world market.

The other key “outside market” today sees Nymex crude oil prices lower and trading around $61.00 a barrel.

U.S. economic data due for release Tuesday includes the weekly Goldman Sachs and Johnson Redbook retail sales reports, the U.S. house price index, the Case-Shiller home index, and the consumer confidence index.

Live 24 hours gold chart [Kitco Inc.]

Technically, the gold bulls have the general near-term technical benefit as an accelerating value uptrend is in place on the every day chart. Bulls’ subsequent upside value goal is to provide a detailed in February futures above stable resistance at $1,550.00. Bears’ subsequent near-term draw back value goal is pushing futures costs under stable technical assist at $1,500.00. First resistance is seen on the in a single day excessive of $1,529.00 after which at $1,532.40. First assist is seen on the in a single day low of $1,517.50 after which at Monday’s low of $1,513.50. Wyckoff’s Market Ranking: 6.5

Live 24 hours silver chart [ Kitco Inc. ]

March silver futures bulls even have the general near-term technical benefit as a fledgling uptrend line is in place on the every day bar chart. Silver bulls’ subsequent upside value breakout goal is closing costs above stable technical resistance at $18.50 an oz. The following draw back value breakout goal for the bears is closing costs under stable assist at $17.00. First resistance is seen on the in a single day excessive of $18.20 after which at $18.25. Subsequent assist is seen at Monday’s low of $17.83 after which at $17.50. Wyckoff’s Market Ranking: 6.5.



Disclaimer: The views expressed on this article are these of the creator and should not replicate these of Kitco Metals Inc. The creator has made each effort to make sure accuracy of data offered; nevertheless, neither Kitco Metals Inc. nor the creator can assure such accuracy. This text is strictly for informational functions solely. It isn’t a solicitation to make any change in commodities, securities or different monetary devices. Kitco Metals Inc. and the creator of this text don’t settle for culpability for losses and/ or damages arising from using this publication.



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