GoldCore Precious Metals Update

Gold
Gold failed to settle above $960.0/oz yesterday despite the EUR/USD breaking its previous high and touching 1.4445. Gold will have to settle above $960.00/oz for it to test its previous high of $1,033.00/oz but a lackluster performance over the last few trading days suggests it is having difficulty. Direction today will come in the form of inflation figures out of Europe and the US, and the closely watched US Home Sales. If gold does break through $960.00/oz the next resistance will be $981.00/oz. Failing that we will revert to the current range of $905 – $960/oz.

Silver
Silver continues to look to gold for direction with near term support and resistance at $14.09/oz and $14.48/oz respectively.

Platinum group metals
Despite an agreement in South Africa on Friday, negotiations remain ongoing within the PGM Sector. Good news for the PGMs came in the form of higher than expected US July auto sales yesterday. This coupled with soundings from the manufacturers that they intend to increase depleted inventory, leaves platinum trading at $1,223.00/oz and rhodium at $1,650.00/oz.

Mark OByrne

Also on news-goldcore-com

Videos

Gold and Silver Chart Analysis January 2023 with Patrick Karim

Gold, Rate Hikes and The Central Bank Illusion?

Top 5 Gold Buyers’ Motives Revealed

Blog posts

US Federal Reserve Sticks To The Script But For How Long?

Those watching the gold price and price of silver will have noticed the sharp uptick following the Federal Reserve’s announcement, yesterday. This was despite the Fed doing exactly what everyone expected them to do. For now, the Federal Reserve is sticking to its relatively well-telegraphed plan but how long will it be until they need […]

READ MORE

China and the US at sovereign debt war

US dollar hegemony has long been a standard feature of the global financial and economic system. But developments in recent years and months (weeks, even) suggests there are more than a handful of countries who are looking to rely less on the US dollar. Instead countries who have long been at the mercy of the […]

READ MORE

What happens if the debt ceiling raises

It’s that time again when the US government has to prepare itself for an internal battle to raise the debt ceiling so it can meet various obligations. This is a merry dance that has been danced before, as we mention below. For sure, every time it happens fewer and fewer people are convinced of the […]

READ MORE

Featured

The King and Queen will be Gold and Silver

READ MORE
Newsletter
Category
Archives
Popular

No posts available

Videos

Gold and Silver Chart Analysis January 2023 with Patrick Karim

Gold, Rate Hikes and The Central Bank Illusion?

Top 5 Gold Buyers’ Motives Revealed

Blog posts

US Federal Reserve Sticks To The Script But For How Long?

Those watching the gold price and price of silver will have noticed the sharp uptick following the Federal Reserve’s announcement, yesterday. This was despite the Fed doing exactly what everyone expected them to do. For now, the Federal Reserve is sticking to its relatively well-telegraphed plan but how long will it be until they need […]

READ MORE

China and the US at sovereign debt war

US dollar hegemony has long been a standard feature of the global financial and economic system. But developments in recent years and months (weeks, even) suggests there are more than a handful of countries who are looking to rely less on the US dollar. Instead countries who have long been at the mercy of the […]

READ MORE

What happens if the debt ceiling raises

It’s that time again when the US government has to prepare itself for an internal battle to raise the debt ceiling so it can meet various obligations. This is a merry dance that has been danced before, as we mention below. For sure, every time it happens fewer and fewer people are convinced of the […]

READ MORE

Featured

The King and Queen will be Gold and Silver

READ MORE