Gold, silver extending strong bulls market runs

Kitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity. Our goal is to help people make informed market decisions through in-depth reporting, daily market roundups, interviews with prominent industry figures, comprehensive coverage of important industry events and analyses of market-affecting developments.are sharply up and hit a two-year high of $27.00 basis May Comex futures.

In overnight news, there was a major 7.4 magnitude earthquake in Taiwan that killed at least seven and injured dozens. The temblor was the strongest in a quarter century and may have impacted the region’s semiconductor industry. Technically, the gold futures bulls have the strong overall near-term technical advantage. A six-week-old uptrend is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close in June futures above solid resistance at $2,400.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,200.00. First resistance is seen at the overnight contract high of $2,308.80 and then at $2,320.00.

May silver futures bulls have the solid overall near-term technical advantage and have restarted a six-week-old price uptrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $28.00. The next downside price objective for the bears is closing prices below solid support at $25.00. First resistance is seen at $27.25 and then at $27.50. Next support is seen at $26.50 and then at today’s low of $26.235.

Jim is the proprietor of the"Jim Wyckoff on the Markets" analytical, educational and trading advisory service. Jim also worked as a technical analyst for Dow Jones Newswires and as the senior market analyst with TraderPlanet.com. Jim is also a consultant with the highly respected"Pro Farmer" agricultural advisory service. Jim was also the head equities analyst at CapitalistEdge.com.

As gold set another record high, Canadian mining legends Frank Giustra, CEO of Fiore Group, and Pierre Lassonde, Chairman Emeritus at Franco-Nevada, say the West has lost its power to set the price of gold. Giustra and Lassonde also warn that in the new geopolitical reality of resource nationalism, Canada is failing its economy and citizens. - Gold prices are firmly higher and hit another record high of $2,308.80 basis June Comex futures today.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Gold Price Rally Spurs M&A Activity in Gold Mining IndustryGold price continues to set new all-time highs, with gold equities starting to get in on the action as M&A activity increases, says David Erfle, editor of Junior Miner Junky. On March 27, Alamos Gold (TSX:AGI) said it would acquire Argonaut Gold (TSX:AR), including Argonaut's Magino mine in Ontario. The addition of Magino is expected to increase Alamos' production by 25% and reduce its all-in sustaining costs by $100 per ounce. This acquisition is part of a trend of consolidation in the gold mining industry as companies seek to increase their reserves and reduce costs. The gold price rally and the potential for further increases have made gold mining companies attractive targets for mergers and acquisitions. As a result, we can expect to see more deals like this in the future.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »