Now is the time to sell your gold! Gold prices are moderately up and have hit a seven-year high in midday U.S. futures trading Thursday. Featured this week in the precious metals markets is a marked uptick in safe-haven demand as the negative economic consequences from the coronavirus outbreak appear to be increasing. A sell-off in the U.S. stock market today worked to push the precious metals to daily highs in late-morning trading. April gold futures hit a new contract high and were last up $8.30 an ounce at $1,619.80. March Comex silver prices were last up $0.014 at $18.325 an ounce.phone screen repair in bronx ny
This week’s impressive price performances in the gold and silver markets have prompted fresh technical and chart-based buyers to step in on the long sides of those markets.phone screen repair in bronx ny
The coronavirus outbreak remains on or close to the front burner of the global marketplace, and today the concerns seem a bit greater. China’s central bank cut its one-year loan prime rate to 4.05% from 4.15% and the five-year loan rate to 4.75% from 4.80%. The move was not surprising and is an effort to keep the world’s second-largest economy afloat as the negative impact of the covid-19 outbreak is growing. China’s manufacturers are running out of needed materials and some have shut their doors. This situation is impacting global businesses and underscores the significance of the world supply chain that has many links in China.
There is now talk that with supply shortages of some commodities in China, those commodity prices could actually rise on the world market due to hoarding and China’s manufacturers scrambling to procure those commodities. Such talk is ironic given the coronavirus has worked to crimp global economic growth, including pushing several raw commodity prices lower on expectations for reduced demand for them.
The Federal Reserve said in its FOMC meeting minutes released Wednesday afternoon that it is closely monitoring the economic impact of the coronavirus outbreak.phone screen repair in bronx ny
While it’s been reported the rate of spread of the coronavirus (now called covid-19) has slowed significantly recently, other health experts say there is little sign of the virus easing due to its high contagion level. Reports said the Hubei province in China had around 350 new confirmed cases Wednesday, down from nearly 1,700 on Tuesday. Two covid-19 infected passengers of the cruise ship quarantined in Japan have died, with two Japanese government officials reported to have been infected.
The key outside markets today see crude oil prices higher and trading around $54.00 a barrel. Meantime, the U.S. dollar index is up and hit another multi-month high today. The greenback bulls have benefited greatly from safe-haven demand amid the heightened global uncertainty. phone screen repair in bronx ny
Technically, the gold bulls have the solid overall near-term technical advantage and have gained power this week by restarting a three-month-old price uptrend on the daily chart. Bulls’ next upside price objective is to produce a close in April futures above solid resistance at $1,650.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at this week’s low of $1,581.80. First resistance is seen at today’s contract high of $1,626.50 and then at $1,635.00. First support is seen at today’s low of $1,606.60 and then at $1,600.00.
March silver futures bulls have the overall near-term technical advantage with this week’s strong gains. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the January high of $18.895 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at this week’s low of $17.67. First resistance is seen at this week’s high of $18.45 and then at $18.50.
phone screen repair in bronx ny