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4/20/23 Gold price firmer as bulls stabilize the market

  8/14/23 US loss of AAA badge a reminder of 'regime shift' for government debt   7/18/23 Gold prices holding gains near four-week high as U.S. retail sales disappoint, rising 0.2% in June   7/6/23 Investors have more to lose without gold in their portfolio - WGC   5/19/23 Gold price could 'easily' regain $2k next week as more debt ceiling troubles ahead - analysts   5/10/23 Gold to outperform silver this year as recession risks build, says Bloomberg Intelligence   5/6/23 TEXAS HOUSE COMMITTEE PASSES BILL TO CREATE GOLD AND SILVER-BACKED DIGITAL CURRENCIES   5/3/23 Debt ceiling showdown: 5 possible outcomes   4/27/23 S&P 500 will crash 20% as ‘panic' sets in and gold hits $2,300 in 2023, Fed will cause ‘more tremors' in banking sector - Gareth Soloway   4/25/23 Debt crisis is a scary white swan for US economy   4/20/23 Gold price firmer as bulls stabilize the market   4/19/23 Gold price falls below $2,000 as market readjusts rate hike expectations   4/13/23 Dumping the Dollar: Will a new BRICS currency replace the US currency for trade?   3/14/23 Gold is the only true measure of value in our growing multipolar world - Byron King   3/9/23 Silver price to rise 1,000% as gold hits $5k by 2027, governments to "debase" their currencies - Rob McEwen   2/28/23 Gold below $1,600 vs. above $2,000: it depends on whether the Fed breaks the economy   2/23/23 Gold prices remains under pressure as U.S. Q4 GDP increased 2.7%, inflation remains persistently high   2/17/23 Sentiment suggests gold prices to struggle next week, but analysts see a potential buying opportunity   1/24/23 Gold eases off nine-month peak as U.S. dollar, yields gain   1/19/23 Gold price firmer on chart-based buying interest   1/17/23 PRECIOUS-Gold retreats as dollar gains upper hand   1/10/23 2023: Big Year for Gold, Silver and Platinum Prices   1/5/23 Demand for Gold by Central Banks Rose Its Fastest in 55 Years   1/3/23 Gold surges to 6-month high, and analysts expect records in 2023   12/29/22 Gold Price Rises Toward $1,900   12/19/22 Gold $3000 in 2023?   12/27/22 Outlook 2023 Investors were underweight gold in 2022, don't make the same mistake in 2023 - Frank Holmes   12/15/2022 Gold Ready to "Explode"
  4/20/23 Gold price firmer as bulls stabilize the market (1)

Gold price firmer as bulls stabilize the market

Jim Wyckoff  

Thursday April 20, 2023 08:07

Kitco News

(Kitco News) - Gold and silver prices are modestly up in early U.S. trading Thursday, as the precious metals market bulls have stabilized their markets after the recent selling pressure. A dip in the U.S. dollar index and in U.S. Treasury yields today are also working in favor of the metals market bulls. June gold was last up $6.00 at $2,013.30 and May silver was up $0.044 at $25.42.

Global stock markets were mixed to weaker overnight. U.S. stock indexes are pointed toward lower openings when the New York day session begins. Risk aversion is more elevated this week, which has helped to prompt selling pressure in much of the raw commodity sector, led by crude oil prices dropping to a three-week low overnight.

Said analyst Craig Erlam of OANDA: “We're now at a pivotal point in the (central bank monetary policies) tightening cycle, one made all the more difficult by the mini banking crisis last month and the ripple effects it will have on credit and the economy over the course of the rest of the year. Central banks, the Fed in particular, are now at even greater risk of overtightening just as the data may show price pressures easing considerably. The fear of that not materializing will probably drive another round of rate hikes next month, after which discussions will likely be far more balanced. It's this uncertainty that appears to be driving the most recent period of choppy trading.”

The key outside markets today see the U.S. dollar index slightly lower. Nymex crude oil prices are lower and trading around $77.75 a barrel. Oil prices have backed off recently on demand concerns amid global economic recession worries. The benchmark 10-year U.S. Treasury note yield is presently fetching 3.558%.

U.S. economic data due for release Thursday includes the weekly jobless claims report, the Philadelphia Fed business survey, existing home sales, and leading economic indicators. Several Federal Reserve officials are also scheduled to speak today.

Live 24 hours gold chart [Kitco Inc.]

Technically, the gold futures bulls still have the firm overall near-term technical advantage. Prices are in a five-week-old uptrend on the daily bar chart, but the bulls need to show more power soon to keep it alive. Bulls' next upside price objective is to produce a close in June futures above solid resistance at the April high of $2,063.40. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the April low of $1,965.90. First resistance is seen at this week's high of $2,028.00 and then at the March high of $2,031.70. First support is seen at $2,000.00 and then at this week's low of $1,980.90. Wyckoff's Market Rating: 7.5

Live 24 hours silver chart [ Kitco Inc. ]

The silver bulls have the firm overall near-term technical advantage. Prices are in an uptrend on the daily bar chart. Silver bulls' next upside price objective is closing May futures prices above solid technical resistance at $27.00. The next downside price objective for the bears is closing prices below solid support at $23.50. First resistance is seen at this week's high of $25.71 and then at $26.00. Next support is seen at today's low of $25.155 and then at $25.00. Wyckoff's Market Rating: 7.5.

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