|Day's range||1,621.60 - 1,652.10|
Silver has recorded strong gains this week, as investors unnerved over the coronavirus have boosted precious metals, which are safe-haven assets. Silver prices could hit the lofty $19 level as early as next week.
It was a Risk-off Thursday, with the S&P500; down 0.5% heading into the close and Europe’s Stoxx600 closed 0.9% lower. US 10y yields slipped 5bps to 1.52%, levels not seen since early February.
Oil prices fell on Friday in Asia as fears about the coronavirus in China outweighed data that showed crude stockpiles rose much less than expected last week. U.S. Crude Oil WTI Futures dropped 0.9% to $53.42 by 1:19 AM ET (05:19 GMT), while international Brent Oil Futures lost 1.0% to $58.73. Oil inventories rose by 414,000 barrels for the week ended Feb. 14, the EIA said.
Based on the early price action and the current price at 99.735, the direction of the March U.S. Dollar Index into the close is likely to be determined by trader reaction to yesterday’s close at 99.597.
Based on the early price action and the current price at 29043, the direction of the March E-mini Dow Jones Industrial Average the rest of the session on Thursday is likely to be determined by trader reaction to a pair of Gann angles at 28937 and 29031.
The US stock markets continue to show resiliency overall, although it was a bit quiet during the trading session on Thursday. The market currently covers just below the 3400 level, and I think we are trying to build up the necessary pressure to break above it.
Silver markets spent most of the day falling on Thursday but did find buyers eventually near the $18.25 level to turn around and show signs of trying to break out in becoming an impulsive move to the upside.
The crude oil markets rallied again during the trading session on Thursday, as the markets had been oversold. At this point, we are seeing a deceleration of new cases of coronavirus in China, at least as far as official numbers are concerned.
The natural gas markets have pulled back just a bit during the trading session on Thursday, awaiting for some type of directionality when it comes to the overall inventory. Ultimately, this is a market that is continuing to struggle with oversupplied.
Gold markets initially pulled back a bit during the trading session on Thursday, but then shot higher as we got close to the $1600 level. Ultimately, this is a market that is trying to break out to the upside and therefore continue the longer-term uptrend.
Based on the early price action and the current price at $1617.70, the direction of the April Comex gold market the rest of the session on Thursday is likely to be determined by trader reaction to $1611.80.
After strong gains this week, silver has steadied. With the coronavirus causing massive disruptions to China’s economy, risk apprehension remains high, which is bullish for silver.
The Paxos Settlement Service has gone live, allowing for the simultaneous exchange of cash and a select number of U.S.-listed securities on the firm's own private version of ethereum.
Equities retreat after the broad market hit a new all-time high in the previous session. Risks of virus-related correction continue to grow.
Dutch tax enforcers with the Netherlands’ Fiscal Intelligence and Investigation Service arrested two men Monday for laundering millions of euros in cryptocurrency.
In his first public comments on the case, federal judge P. Kevin Castel called on Telegram and the SEC to consider the "economic realities" of the case such as the gram token’s secondary market.
Canada’s consumer prices jumped by 2.4 percent year on year in January, exceeding analyst expectations, on the back of an 11-percent surge in gasoline prices tracking higher oil prices in the first weeks of last month
Gold prices broke out, and continue to rise as yields decline as concerns over the coronavirus buoyed the yellow metal. Gold prices have been negatively correlated to US yields and a breakdown would be a confirmation of a further rally in the yellow metal. Gold has historically been negatively correlated to the US dollar.
Gold markets rallied a bit during the trading session on Wednesday, but then pulled back a bit at the highs in order to show a bit of sluggishness. Longer-term though, this is most certainly a bullish market.