Strong price rebounds in gold, silver despite better risk appetite
AdamSummary:
Gold and silver rebounded sharply as dip buyers returned despite improved risk appetite, lifting global equities; markets now watch U.S. shutdown delays, U.S.–Iran talks, and key technical resistance levels.
Gold and silver prices are strongly higher in early U.S. trading Tuesday, as the bulls stepped in to aggressively buy the recent big dips in prices. Today’s gains in the two precious metals come despite improved trader/investor risk appetite in the general marketplace that is ironically due mostly to the strong rebounds in gold and silver. April gold was last up $287.50 at $4,935.50. March silver prices were up $9.584 at $86.625.
Risk appetite returns to general marketplace as global stocks rally amid gold and silver rebound. U.S. stock indexes are poised to open their day sessions with modest gains today, while Asian and European stock markets rallied amid a solid rebound in gold and silver prices overnight. In Asia, the Hang Seng edged up 59 points, or 0.2%, to end at 26,835 on Tuesday, attempting to stabilize after steep losses in the prior two sessions. Japan’s Nikkei 225 Index surged 3.92% to close at 54,721 on Tuesday, marking fresh all-time highs as technology and financial stocks powered the rally. Australia’s S&P/ASX 200 rose 0.9% to close at 8,857 on Tuesday, ending a four-session losing streak as strength in materials stocks offset headwinds from today’s Reserve Bank of Australia’s interest rate hike. China’s Shanghai Composite rose 1.29% to close at 4,068, while the Shenzhen Component gained 2.19% to 14,127 on Tuesday, recovering losses from the previous session. In Europe, both the STOXX 50 and the STOXX 600 rose 0.7% today, extending gains of around 1% from the previous session to reach fresh record highs. The advance was led by mining stocks, which benefited from the rebound in precious metals following a historic sell-off.
Monthly U.S. jobs report, other economic data, delayed due to partial federal government shutdown. The Bureau of Labor Statistics on Monday said it will not release the January jobs report this Friday, as scheduled, due to the partial federal government shutdown. “The release will be rescheduled upon the resumption of government funding,” Emily Liddel, BLS associate commissioner for publications and special studies, said in a statement. “Due to the partial federal government shutdown, the Bureau of Labor Statistics will suspend data collection, processing, and dissemination.” Other reports planned for this week, including December’s Job Openings and Labor Turnover Survey and the Metropolitan Area Employment and Unemployment release, will also be rescheduled, Bloomberg reported. Reports this morning said President Trump is pressuring GOP lawmakers to work to end the shutdown today.
U.S.-Iran talks to take place in Turkey. Turkey plans to host high-level talks between the U.S. and Iran on Friday, aimed at de-escalating tensions between the two countries, Bloomberg reported. “The summit in Istanbul would be attended by U.S. envoy Steve Witkoff, President Trump’s son-in-law Jared Kushner and Iranian Foreign Minister Abbas Araghchi, according to people with direct knowledge of the matter. Turkey’s Foreign Minister Hakan Fidan expects some regional powers to join, the people said, asking not to be identified because of the sensitivity of the subject,” said the report. The talks would mark the first public meeting between Iranian and U.S. officials since a recent surge in tensions, with Trump threatening Tehran with military action if it fails to reach an agreement to curb its nuclear program.
The key outside markets today see crude oil prices slightly up and trading around $62.25 a barrel. The U.S. dollar index is near steady and the U.S. 10-year Treasury note yield is presently 4.28%.
Note: The gold market operates through two primary pricing mechanisms. The first is the spot market, which quotes prices for on-the-spot purchase and immediate delivery. The second is the futures market, which sets prices for delivery at a future date. Due to year-end positioning market liquidity, the December gold futures contract is currently the most actively traded on the CME.
Technically, April gold futures price action last week formed a big and bearish “key reversal” down on the daily bar chart, which is one chart clue that a market top is in place. Bulls’ next upside price objective is to produce a close above solid resistance at $5,250.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at this week’s low of $4,423.20. First resistance is seen at the overnight high of $4,975.50 and then at $5,000.00. First support is seen at $4,750.00 and then at the overnight low of $4,690.20. Wyckoff's Market Rating: 6.5.
March silver futures bulls’ next upside price objective is closing prices above solid technical resistance at $100.00. The next downside price objective for the bears is closing prices below solid support at $70.00. First resistance is seen at this week’s high of $88.00 and then at $90.00. Next support is seen at $80.00 and then at $75.00. Wyckoff's Market Rating: 5.5.
Source: kitco
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