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Gold, silver prices gain amid economic impact of coronavirus

Gold Investment Experts by Gold Investment Experts
in Silver Bars
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Gold, silver prices gain amid economic impact of coronavirus
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(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.

Live 24 hours gold chart [Kitco Inc.]

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

Live 24 hours silver chart [ Kitco Inc. ]

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.



Disclaimer: The views expressed on this article are these of the creator and will not replicate these of Kitco Metals Inc. The creator has made each effort to make sure accuracy of knowledge offered; nonetheless, 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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