(Kitco News) – Gold costs are larger and poised to shut at a two-week excessive shut at noon Thursday. The safe-haven steel obtained a lift from a unload within the U.S. inventory market that was prompted partially by will increase worries a couple of flu-type virus that’s spreading from China. February gold futures were last up $6.70 an ounce at 1,563.40. March Comex silver prices were last down $0.028 at $17.80 an ounce.
The coronavirus impacting China has now killed at least 17 citizens there as China has locked down the city of 10 million people, Wuhan, reports said. Reports also said another city in China was locked down. At least one case of the virus has been found in the U.S. and one has been reported in Singapore. The U.S. State Department on Thursday advised U.S. citizens to reconsider traveling to the impacted regions of China. Markets are now keeping a closer eye on this matter as it appears to be intensifying.
President Trump’s trade threats against the European Union in an interview in Davos on Wednesday are also unsettling European traders.
The key European economic event today was the regular monetary policy meeting of the European Central Bank. There was no change in ECB policy, as expected, but ECB statement leaned just a bit easy on monetary policy as it said the ECB’s bond-buying program will continue “as long as necessary.”
The key outside markets today see crude oil costs sharply down, hitting a six-week low and buying and selling round $55.30 a barrel. The U.S. dollar index is larger at the moment. Gold costs might have seen extra good points at the moment, if not for these bearish exterior markets.
Technically, February gold futures bulls have the general near-term technical benefit as a two-plus-month-old worth uptrend in nonetheless place on the each day bar chart. Gold bulls’ subsequent upside near-term worth breakout goal is to provide an in depth above strong technical resistance at $1,590.00. Bears’ subsequent near-term draw back worth breakout goal is pushing costs beneath strong technical help at $1,536.40. First resistance is seen at this week’s excessive of $1,568.80 after which at $1,575.00. First help is seen at at the moment’s low of $1,551.30 after which at this week’s low of 1,546.00. Wyckoff’s Market Score: 6.5
March silver futures hit a four-week low at the moment. The silver bulls and bears are on a stage total near-term technical taking part in discipline. Silver bulls’ subsequent upside worth breakout goal is closing costs above strong technical resistance at the January excessive of $18.895 an oz. The subsequent draw back worth breakout goal for the bears is closing costs beneath strong help at $17.00. First resistance is seen at $18.00 after which eventually week’s excessive of $18.185. Subsequent help is seen at at the moment’s low of $17.59 after which at $17.50. Wyckoff’s Market Score: 5.0.
March N.Y. copper closed down 530 factors at 271.20 cents at the moment. Costs closed close to the session low and hit a six-week low at the moment on extra heavy revenue taking and weak lengthy liquidation after hitting an eight-month excessive final week. The copper bears have shortly gained the general near-term technical benefit as a market prime is probably going in place. A four-month-old uptrend on the each day bar chart has been soundly negated. Copper bulls’ subsequent upside worth goal is pushing and closing costs above strong technical resistance at 280.00 cents. The subsequent draw back worth goal for the bears is closing costs beneath strong technical help at 263.00 cents. First resistance is seen at 275.00 cents after which at at the moment’s excessive of 277.25 cents. First help is seen at at the moment’s low of 271.10 cents and then at 270.00 cents. Wyckoff’s Market Score: 4.5.
Disclaimer: The views expressed on this article are these of the writer and will not mirror these of Kitco Metals Inc. The writer has made each effort to make sure accuracy of knowledge offered; nonetheless, neither Kitco Metals Inc. nor the writer can assure such accuracy. This text is strictly for informational functions solely. It’s not a solicitation to make any trade in commodities, securities or different monetary devices. Kitco Metals Inc. and the writer of this text don’t settle for culpability for losses and/ or damages arising from using this publication.