Gold, Silver Sellers Scarce Heading Into Uncertain Weekend @ Gold Investment Portal

Gold, silver sellers scarce heading into uncertain weekend

(Kitco News) – Gold and silver prices are regular to barely up in tentative early U.S. futures buying and selling Friday. The valuable metals bears are prone to be in hibernation on this final buying and selling day of the week and as U.S. market individuals head right into a three-day weekend, with the President’s Day vacation on Monday. It’s anyone’s guess on what the coronavirus outbreak scenario might be like come early subsequent week. February gold futures have been final up $0.30 an oz at 1,579.10. March Comex silver prices were last up $0.056 at $17.67 an ounce.

Asian and European shares were narrowly mixed overnight. U.S. stock indexes are pointed toward modestly higher openings and new record highs when the New York day session begins.

Here is the latest on the coronavirus outbreak: About 65,000 people around the globe have been afflicted with the virus, with China’s total now above 60,000. China’s hardest-hit Hubei province saw cases rise by over 4,800 on Friday. Some global shipping rates have fallen to record lows amid the outbreak, as some ships are being turned away at ports. One report said the Capesize index, which tracks freight rates for the largest carriers of dry bulk commodities, fell into negative territory last week for the first time since its creation over 20 years ago.

The annual London Metals Exchange (LME) Week Asia 2020 seminar has been postponed and the LME Asia Dinner has been cancelled due to the outbreak.

China’s central bank said in a statement Friday the effects of the coronavirus outbreak will only be temporary. The bank encouraged foreign investors to set up businesses in China.

The U.S. government on Thursday charged the big Chinese telecommunications giant Huawei with racketeering. The ramifications of this on U.S.-China relations and/or the U.S.-China trade deal signed in January, if any, are not clear.

The U.S. Treasury sold its 30-year bonds at a record-low yield of 2.061% Thursday, beating the previous record low auction yield of 2.17% set last fall. The lowest yield the 30-year bond has ever reached in daily trading is 1.941%, set last summer.

In other overnight news, the Eurozone fourth-quarter GDP was reported up 0.1% from the third quarter and up 0.9%, year-on-year. Those numbers were very close to market expectations.

The key outside markets today see crude oil prices higher and trading around $52.00 a barrel. Meantime, the U.S. dollar index is barely up in early U.S. buying and selling and hit a multi-month excessive in a single day.

U.S. financial knowledge due for launch Friday consists of retail gross sales, import and export costs, industrial manufacturing and capability utilization, manufacturing and commerce inventories and the College of Michigan client sentiment survey.

Technically, the gold bulls have the general near-term technical benefit and have stabilized the market. Bulls are engaged on restarting a virtually three-month-old value uptrend on the each day chart, however want to point out extra energy. Bulls’ subsequent upside value goal is to supply a detailed in April futures above stable resistance at $1,600.00. Bears’ subsequent near-term draw back value goal is pushing futures costs under stable technical help at $1,550.00. First resistance is seen at this week’s excessive of $1,581.70 after which at $1,590.00. First help is seen at Thursday’s low of $1,568.50 after which at this week’s low of $1,564.40. Wyckoff’s Market Ranking: 6.5

March silver futures bears have the general near-term technical benefit. A five-week-old downtrend is in place on the each day bar chart. Silver bulls’ subsequent upside value breakout goal is closing costs above stable technical resistance at $18.00 an oz. The subsequent draw back value breakout goal for the bears is closing costs under stable help at $17.00. First resistance is seen at this week’s excessive of $17.825 after which at $18.00. Subsequent help is seen at this week’s low of $17.435 after which on the January low of $17.28. Wyckoff’s Market Ranking: 4.0.

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 data offered; nevertheless, 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.