October 17,2018 AT 19:30 NEW YORK TIME
    PRICE CHANGE LOW HIGH
Gold 1222.90 -2.60 1221.30 1230.20
Silver 14.68 -0.05 14.55 14.80
Platinum 835.00 -9.00 830.00 844.00
Palladium 1076.00 -9.00 1055.00 1087.00
SPOT PRICE
LONDON GOLD FIX AM PM
USA 1226.75 1229.05
GBP 933.68 935.80
EUR 1061.38 1065.09

Industry News

04.16.2010
Gold Under Profit-Taking Pressure to End the Week

Gold Under Profit-Taking Pressure to End the Week

By Jim Wyckoff
16 April 2010, 9:26 a.m.


A firmer U.S. dollar index and weaker Euro currency are prompting some more profit-taking pressure in the precious metals as the trading week nears and end. June Comex gold was last traded down $11.00 an ounce at $1,149.30. Spot gold prices in London were also weaker amid the negative sentiment on the Euro currency.

Gold traders will continue to look to the currency markets for direction, with a keen eye toward any fresh news on European Union efforts to deal with Greece's sovereign debt issues. London traders said steady physical demand for gold, along with good general investment demand, are underlying bullish factors for the precious yellow metal. Some traders look for gold prices in the near term to consolidate the recent gains that this week saw prices hit a fresh four-month high.

The London A.M. gold fix was $1,157.00 versus the previous P.M. fixing of $1,154.50.

Technically, June Comex gold futures bulls still have the overall near-term technical advantage. Prices are also still in a two-month-old uptrend on the daily bar chart. However, the gold market bulls do not want to see a technically bearish weekly low close on Friday, which the market is poised to do as of this writing. For June gold, shorter-term technical resistance is seen at $1,155.00 and then at Friday's high of $1,161.20. Buy stops likely reside just above those levels. Sell stops likely reside just below shorter-term support at this week's low of $1,145.40 and then at $1,140.00. Today's key near-term Fibonacci pivot level for June gold: $1,139.00.

Comex silver futures are lower in early trading Friday, on profit-taking pressure. The silver bulls have the overall near-term technical advantage but also do not want to see a technically bearish weekly low close on Friday.

May silver last traded down 25.3 cents an ounce at $18.18. May silver finds shorter-term technical resistance at Friday's high of $18.44 and then at this week's high of $18.605. Buy stops likely reside just above those levels. Shorter-term technical support for May silver is located at this week's low of $17.955 and then at $17.75. Sell stops are likely placed just below those levels. Today's key Fibonacci pivot level for May silver futures is located at $18.35.



By Jim Wyckoff; jim@jimwyckoff.com

< Back to list

RMC2 A division of Republic Metals Corporation | 12900 NW 38th Ave | Miami, FL 33054 | (888) 685-8505