Gold, Silver Prices Gain Amid Economic Impact Of Coronavirus @ Gold Investment Portal

Gold, silver prices gain amid economic impact of coronavirus

(Kitco News) – Gold and silver prices are up and hit two-week highs in early U.S. futures buying and selling Tuesday, on safe-haven demand because the financial fallout from the coronavirus outbreak is beginning to intensify. February gold futures have been final up $5.50 an oz at 1,591.90. March Comex silver prices were last up $0.181 at $17.915 an ounce.

Asian and European shares were mostly lower overnight. U.S. stock indexes are pointed toward lower openings when the New York day session begins. Risk aversion is keener in the marketplace on this first trading day of the week for U.S. traders and investors, following the President’s Day holiday Monday.

The global marketplace is downbeat following news that Apple has issued a warning saying its first-quarter sales will be lower than initially expected due to the Coronavirus outbreak that has slowed or halted the delivery of Apple’s needed supplies coming from China. The rate of daily spread of the illness has slowed to the lowest since January, reports said. Over 1,800 people have died in China from the illness. The global supply chain has been significantly impacted, as seen by the Apple sales-miss news. Reports also said over 730 million in China are still effectively quarantined, suggesting supply-chain disruptions will continue as the world’s second-largest economy is presently crippled.

In other overnight news, the closely watched German ZEW economic expectations index dropped sharply in February, to 8.7 versus 26.7 in January. The coronavirus was blamed for most of the big decline in February.

The key outside markets today see crude oil prices lower and trading around $51.25 a barrel. Meantime, the U.S. dollar index is barely up and hit one other multi-month excessive in early U.S. buying and selling.

U.S. financial knowledge due for launch Tuesday contains the Empire State manufacturing survey, the NAHB housing market index and Treasury worldwide capital knowledge.

Technically, the gold bulls have the agency general near-term technical benefit and are restarting a three-month-old value uptrend on the every day chart. Bulls’ subsequent upside value goal is to supply an in depth in April futures above strong resistance on the January excessive of $1,619.60. Bears’ subsequent near-term draw back value goal is pushing futures costs under strong technical assist at $1,565.00. First resistance is seen at the in a single day excessive of $1,592.40 after which on the January excessive of $1,598.50. First assist is seen on the in a single day low of $1,581.80 after which at $1,575.00. Wyckoff’s Market Ranking: 6.5

March silver futures bears have the slight general near-term technical benefit. A six-week-old downtrend is in place on the every day bar chart. Silver bulls’ subsequent upside value breakout goal is closing costs above strong technical resistance at $18.375 an ounce. The following draw back value breakout goal for the bears is closing costs under strong assist on the January low of $17.28. First resistance is seen at $18.00 after which at $18.15. Subsequent assist is seen on the in a single day low of $17.67 after which eventually week’s low of $17.435. Wyckoff’s Market Ranking: 4.5.

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