Daily Market Update

Is Silver about to “Pop” or “Drop”? [Chart]

The chart of silver at the moment shows that it is poised for a breakout move.

It has failed on a number of occasions recently to close above resistance at $24.40. If we do see it closing above this level that could signal a quick move up to the next major resistance at $26.50.

However it is also also finding support from the major upward trend line that has held since the March lows and a break below this could signal a retest of the recent lows (approx. $22.65) and ultimately support further down at $19.50.

With the precious metals markets being heavily influenced at the moment by the vagaries of the stock market and the relative strength of the US dollar, any “News-bomb” will have a increased impact on the short-term price action for the white metal.

Access Latest Goldnomics Podcast (Part II) Here

NEWS and COMMENTARY

Gold eases after Trump’s discharge, weaker dollar cushions decline

Gold Is Still an Excellent Diversifier: UBS (Bloomberg TV)

Dollar on defensive as U.S. stimulus hopes, Trump discharge boost risk sentiment

10-year, 30-year Treasury rates hit nearly 4-month high to start week amid fears of increased deficit spending

U.S. commercial bankruptcies up 33% year to date

GOLD PRICES (USD, GBP & EUR – AM/ PM LBMA Fix)

05-Oct-20 1899.65 1909.60 1467.48 1472.49 1616.41 1620.49
02-Oct-20 1906.40 1903.05 1473.46 1471.82 1627.87 1624.44
01-Oct-20 1895.55 1902.00 1477.01 1476.33 1615.96 1619.74
30-Sep-20 1883.40 1886.90 1468.49 1467.63 1609.74 1613.30
29-Sep-20 1882.40 1883.95 1461.87 1465.71 1610.02 1606.44
28-Sep-20 1850.95 1864.30 1440.78 1448.37 1589.41 1597.52
25-Sep-20 1870.05 1859.70 1467.05 1462.65 1605.25 1598.78
24-Sep-20 1850.75 1861.75 1453.21 1460.92 1588.68 1598.50
23-Sep-20 1888.10 1873.40 1483.48 1470.06 1611.49 1603.63
22-Sep-20 1903.10 1906.00 1487.46 1493.16 1621.63 1625.25
21-Sep-20 1930.90 1909.35 1503.21 1489.48 1638.18 1624.47
18-Sep-20 1954.75 1950.85 1505.16 1508.01 1647.85 1648.66
17-Sep-20 1936.10 1936.25 1494.67 1499.82 1642.78 1640.20
16-Sep-20 1964.80 1961.80 1521.15 1512.55 1654.56 1656.74
15-Sep-20 1963.55 1949.35 1523.13 1513.09 1652.13 1644.67

Own gold coins and bars in the safest vaults in Zurich, Switzerland with GoldCore. Learn why Switzerland remains a safe haven jurisdiction for owning precious metals. Access Our Most Popular Guide, the Essential Guide to Storing Gold in Switzerland here

Receive Our Award Winning Market Updates In Your Inbox – Sign Up Here

Mark O'Byrne
Executive Director

Read more...
Newsletter
Category
Archives
Popular

No posts available