Our daily research overs the S&P, NQ, Crude Oil, Gold, Silver, Currencies, Corn, Soybeans, Wheat, Livestock, and Softs markets.
Went out to brokerage clients before the bell
Gold (April) / Silver (May)
Gold, yesterday’s close: Settled at 1924.9, up 7.8
Silver, yesterday’s close: Settled at 20.793, down 0.143
Fundamentals: Gold and Silver used the final day of January to muscle out a positive session after starting lower. Will today bring a similar feat after Gold hit the lowest since December 22nd and Silver November 4th. Yesterday, the U.S. Dollar slipped but could not bring a true supportive hand to precious metals as Treasury yields remain very elevated. However, the U.S. 2-year Note could not hold above Friday’s high of 4.84%, whereas the longer-end 10s and 30s have hit a bit of a wall over the last week. To that point, inflation data from France and Spain this morning was much hotter than expected, helping to underpin the higher yield story but also weakening the U.S. Dollar.
Technicals: Gold and Silver are showing signs of life, but just as they do, they also face a difficult pocket of resistance. However, we do find each having exhausted their downside in the near-term. After holding a Neutral Bias for much of the month, we are increasing this to cautiously Bullish. Ultimately, these overhead resistances were critical areas of support on the way down and we view a close above such at … Click here to get our (FULL) daily reports emailed to you!
Bias:
Resistance:
Pivot:
Support:
Silver (May)
Resistance:
Pivot:
Support:
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On the date of publication, Bill Baruch did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.