Why Is Silver Down Again Today?

Editor'southward Note: With and then much marketplace volatility, stay on summit of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) - Gold and silverish futures prices are weaker only upwardly from their daily lows in midday U.S. trading Thursday. Rising U.S. Treasury yields on this twenty-four hour period are a bearish element for the safe-haven metals, which pay no dividend. This week's large rebound in the U.Due south. stock indexes is also an underlying negative for the precious metals. Apr gold futures were concluding downwards $2.seventy at $1,807.60 and March Comex silver was last down $0.287 at $22.415 an ounce.

The market place today did non showing significant reaction to news that a precision U.S. military strike in Syria has killed the leader of ISIS.

Global stock markets were mixed overnight. U.South. stock indexes are solidly lower at midday. The U.S. stock alphabetize bulls are withal having a pretty good calendar week. Generally upbeat U.Southward. corporate earnings reports are boosting trader and investor confidence. China's markets are airtight this week for the Lunar New Year holiday.

In other news, the Bank of England today raised its central interest rates at its regular monetary policy coming together. Meantime, the European Key Depository financial institution at its coming together today hold its rates steady, for now.

In other news, the Euro zone got some hot inflation information overnight. Its December producer price index came in at upwards 26.2%, year-on-twelvemonth, mainly considering of rising free energy costs. Still, excluding energy the PPI was upwards 10%, year-on-year.

---

---

The important U.S. Labor Department employment situation report is due out Friday morning time. That report is also expected to be downbeat, with its cardinal not-farm payrolls number expected to come in up only 150,000 jobs in January.

The cardinal outside markets today see rough oil prices higher and trading around $88.60 a barrel. The U.S. dollar index is solidly lower again today every bit the USDX bulls accept faded badly this week. That's a positive for the metals markets. The U.Due south. Treasury 10-year note yield is before long fetching 1.8%.

Technically, April gold futures bulls have the slight overall near-term technical advantage. However, a bear flag pattern has formed on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at the January high of $1,856.70. Bears' adjacent near-term downside price objective is pushing futures prices beneath solid technical back up at the December low of $1,755.40. First resistance is seen at this week's high of $1,812.00 and then at $1,820.00. Kickoff support is seen at $one,800.00 and then at today's low of $1,788.50. Wyckoff'due south Market place Rating: 5.5

March silvery futures bears have the firm overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at $24.00 an ounce. The next downside cost objective for the bears is closing prices below solid back up at the December low of $21.41. First resistance is seen at today's loftier of $22.66 and then at this week'south loftier of $23.06. Next support is seen at this week's depression of $22.00 and then at $21.40. Wyckoff'due south Market Rating: two.5.

March N.Y. copper airtight downwardly 235 points at 447.25 cents today. Prices closed nearer the session loftier today. The copper bulls have the slight overall near-term technical advantage. Copper bulls' next upside cost objective is pushing and endmost prices above solid technical resistance at the January loftier of 460.ten cents. The next downside price objective for the bears is closing prices below solid technical support at the Dec low of 419.95 cents. First resistance is seen at this week'due south high of 450.ninety cents and then at 455.00 cents. First support is seen at today's low of 442.30 cents and and then at 440.00 cents. Wyckoff's Market place Rating: 5.5.

Disclaimer: The views expressed in this article are those of the writer and may non reflect those of Kitco Metals Inc. The writer has made every effort to ensure accuracy of information provided; yet, neither Kitco Metals Inc. nor the writer can guarantee such accuracy. This article is strictly for advisory purposes just. It is not a solicitation to make any substitution in commodities, securities or other fiscal instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the employ of this publication.

blumerpeong1989.blogspot.com

Source: https://www.kitco.com/news/2022-02-03/Gold-silver-weaker-as-U-S-bond-yields-on-the-rise-again.html

Share this post