|Day's Range||14.18 - 14.47|
Investing.com - Metal prices were in rally mode Friday as copper hit 12-week highs, shrugging off a strong dollar on easing trade war fears, though analysts warned downside momentum could resume.
How Do Analysts Rate Silver Miners? On a YTD basis, Coeur Mining (CDE) has almost matched the performance of the Silver Miners Index (SIL) with losses of 27.1%. Peers Hecla Mining (HL), Pan American Silver (PAAS), and Newmont Mining (NEM) are also trying to increase production at the lowest possible cost.
In 2018 so far, silver prices have significantly underperformed gold prices. As of September 13, while the SPDR Gold Shares ETF (GLD), which tracks gold prices, has fallen by 8.0%, the iShares Silver Trust ETF (SLV), which tracks silver prices, has fallen more than double that at 16.5%. Because silver typically acts as a leveraged play on gold prices, it usually follows gold but with greater intensity.
Gold is trading higher shortly before the cash market opening on Friday as the U.S. Dollar continues to weaken on dampened fears of a full-blown U.S.-China trade war. Gold is currently trading at the upper end of a key technical retracement zone, putting the precious metal in a position to post its first weekly gain in four weeks. At 0913 GMT, December Comex Gold is trading $1213.40, up $2.10 or +0.17%.
Silver markets rallied a bit during the trading session on Thursday, grinding towards the $14.35 level. We have been trading in an upward channel for the last couple of days, and that looks as if it is the main thing driving the market right now.
The British pound continues to go much higher, as Thursday was more of the same. Now that we are above the 1.3125 level, I am essentially a “buy only” trader when it comes to this pair.
The Euro broke out during the trading session on Wednesday, slicing through a “neckline” of a very complex inverse head and shoulders that I was talking about yesterday. I think at this point we will more than likely go looking towards the next round figure where I expect a fight.
The Australian dollar rallied significantly during the trading session on Thursday, reaching two fresh, new highs. By heading towards the 0.73 level, and more importantly breaking above the 0.7250 level, it looks as if the Australian dollar is ready to continue going higher. In general, I believe that this market has a specific level and focus.
Investing.com - Metals prices were mostly higher Thursday on a weaker greenback and expectations the United States and China will eventually resolve their monthslong trade dispute.
The S&P 500 was all over the place during the early Wednesday session, as we continue to focus on multiple issues at the same time. It currently looks as if we are trying to break out, but there is a significant amount of resistance just above.
The US dollar rallied initially during trading on Wednesday but struggles near the trendline from the daily time frame that forms part of a major symmetrical triangle. It is because of this that the ¥112.50 level has suddenly become important.
The S&P 500 rallied quite nicely during the trading session on Tuesday but did not do so without drama. The market broke down below the 2900 level after it was announced that the Chinese were going to the WTO to complain about the Americans, and of course that more reactionary tariffs would be part of the game. Beyond that, the Americans have already stated that they are going to add more tariffs.
Gold markets fell during the day on Tuesday after initially rallying, as we continue to see a lot of concern around the world due to trade tariffs being levied against each other between the Chinese and Americans.
Investing.com - Copper prices surged Tuesday as the latest volley of tit-for-tat tariffs announced by the U.S. and China were less harsh than many had feared, easing concerns about a downtick in Beijing's demand for metals.
Gold futures prices end lower on Tuesday, but hold above $1,200 an ounce for a sixth session in a row, as the next jabs emerged in the intensifying U.S.-China trade dispute, prompting cautious trading in the U.S. dollar.
The Silver markets rally during the trading session on Monday to kick off the week, as the US dollar struggled. Ultimately, the market still has plenty of resistance above and Silver of course has been underperforming gold for some time.
Many silver stocks looked beaten up in 2017, either near a bottom or struggling to overcome a resistance price. Silver companies are dependent to some extent on the yield on bank CDs or Treasury bonds.
Bearish gold traders are probably pricing in the full 25% tariff so anything less may encourage them to cover their short-positions. This could drive prices higher today. If Trump hits China with the full tariff then look for weakness today.
Sino-U.S trade war woes continue to boost US Greenback in broad market which limited gains in dollar denominated precious metals.
The gold market lost all the positive momentum in the Friday’s session as it dropped towards the $1203 level. If it breaks down from here, largely the $1198 level, then there will be a larger drop in gold prices. The silver market looked negative during the Friday’s session as it reached down to the $14.10 level, which is offering a quite a bit of support and also extends down to the $14 level.