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Home Business Market

Gold Sees Good Safe-Haven Demand As U.S. Stock Market Melts Down

Jana Simmons by Jana Simmons
May 14, 2019
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Gold Sees Good Safe-Haven Demand As U.S. Stock Market Melts Down
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(Kitco News) – Gold costs are retaining solid profits in midday U.S. Buying and selling Monday. Prices are close to everyday highs and hit a four-week excessive above the key $1, three hundred.00 stage on safe-haven demand as the U.S. Stock market is seeing its worst losses of 2019 and persevering with last week’s disadvantage strain. June gold futures have been ultimate up $thirteen.Eighty an ounce at $1,301.20. July Comex silver became closing down $zero.01 at $14.78 an oz.
World inventory markets had been also primarily down in a single day. The failure of the U.S. And China to reach an alternate deal past due final week and the ensuing new tariffs put in the area through the U.S., such as retaliation from China introduced today, have the sector marketplace in a totally downbeat temper to start the trading week. Trade officials from both countries will keep speak, but. Keener hazard aversion in the market usually works in the desire of the secure-haven metals markets.
The marketplace is thus far no longer being extensively impacted by way of information two Saudi oil tankers have been attacked in the Strait of Hurmuz over the weekend. The attackers are seemingly unknown. However, tensions between the U.S. And Iran have ratcheted up in current weeks, with some speculating Iran can be in the back of the weekend attacks at the Saudi ships, which were now not sunk however did sustain good sized harm.
The key “outdoor markets” these days see the U.S. Dollar index slightly decrease. Meantime, Nymex crude oil charges are lower and buying and selling around $ sixty-one.00 a barrel.
There become no main U.S. Financial statistics released Monday but the pace picks up a chunk on Tuesday.

Technically, June gold futures costs closed near the session high nowadays and negated a downtrend on the every day bar chart. Gold bulls and bears are now lower back on a level common close to-term technical playing area however the bulls now have momentum on their facet. Gold bulls’ next upside near-term rate breakout objective is to provide a close above solid technical resistance on the April high of $1,314.70. Bears’ subsequent near-term downside price breakout objective is pushing charges beneath strong technical aid on the May low of $1,267.30. First resistance is visible at $1,310.00 and then at $1,314.70. First support is seen at $1,290.00 and then at today’s low of $1,282.40. Wyckoff’s Market Rating: five.0

July silver charges closed closer the consultation high nowadays. The silver bears have the firm usual close to-time period technical gain. A nearly three-month-old downtrend is in the vicinity at the every day bar chart. Silver bulls’ next upside rate breakout objective is closing fees above strong technical resistance at $15.15 an ounce. The next disadvantage price breakout objective for the bears is the final costs below solid assist at the November low of $14.One hundred seventy-five. First resistance is seen at $14.875 after which at $15.00. Next assist is seen at these days’ low of $14.615 after which at the May low of $14.Fifty-seven. Wyckoff’s Market Rating: 3.0.
July N.Y. Copper closed down 565 factors at 271.Eighty-five cents today. Prices closed closer the consultation low these days and hit a three. Five-month low. The copper bears have the general close to-time period technical benefit and have momentum. Prices are in a three-week-antique downtrend on the day by day bar chart. Copper bulls’ subsequent upside rate goal is pushing and remaining expenses above strong technical resistance at 285.00 cents. The next downside fee objective for the bears is last charges under strong technical assist at the January low of 256.10 cents. First resistance is seen at 275.00 cents after which at nowadays’s excessive of 277.35 cents. The first guide is visible at today’s low of 270.90 cents and then at 270.00 cents. Wyckoff’s Market Rating: 3.Five.

Jana Simmons

Jana Simmons

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