Morning Gold & Silver Market Report – 2/5/2014
GOLD RETAKES SAFE HAVEN APPEAL
The safe-haven appeal of Gold has lured investors away from the stock market in early morning trading. Gold has risen beyond the previous high of $1,268 per ounce that some analysts, including Marshall Gittler at IronFX, believe is a key to show upward momentum for the yellow metal. Gittler wrote that breaking past this level “may turn the picture positive again.” With $1,235 per ounce being the support at recent levels, Gittler believes that “both momentum studies lie near their neutral levels, confirming investors’ reluctance to choose the next trending direction of the metal.”
U.S. stock futures are pointing toward a lower open for Wall Street. The Automatic Data Processing employment report released Tuesday showed 175,000 jobs created during the month of January, below the estimate of 180,000. Bank of Tokyo Mitsubishi’s Derek Halpenny wrote, “The tone of U.S. economic data has been on the weak side through most of the year-to-date and hence the markets will be better positioned today for disappointment. We maintain that the weakness is temporary and more weather-related than anything. The prospects for stronger more sustainable growth remain good.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,268.20, Up $15.00.
- Silver, $20.07, Up $0.59.
- Platinum, $1,387.70, Up $12.30.
- Palladium, $716.50, Up $15.30.
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