24th April, 2018

Tuesday, April 24

Australia is to release data on inflation.
The Ifo Institute is to report on German business climate.
The U.S. is to release data on consumer confidence.

Daily Gold Market Report

Gold attempts to recover – Analysis - 24-04-2018
Gold price shows some slight bullish bias affected by stochastic positivity, and it might test the key resistance 1335.40 before turning back to decline again. As long as the price is below the mentioned resistance, the bearish trend scenario will remain valid for the upcoming period, supported by the negative pressure formed by the EMA50, reminding you that our main target is represented by testing 1316.48 level. Expected trading range for today is between 1316.00 support and 1335.00 resistance. Expected trend for today: Bearish

Daily Silver Market Report

Silver tests the support base – Analysis - 24-04-2018
Silver price opened today’s trading with strong negativity to test the key support 16.56 and begins to rebound bullishly from there, which keeps our bullish overview valid until now, as the EMA50 meets the mentioned support to add more strength to it, while stochastic attempts to get rid of its negativity. Therefore, we will continue to suggest the bullish trend on the intraday and short term basis conditioned by the price stability above 16.56, noting that our targets begin at 17.43 and extend to 18.30 after breaching the previous level. Expected trading range for today is between 16.50 support and 17.00 resistance. Expected trend for today: Bullish

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Gold and Silver Fall, Ratio Turns Up as US Bond Yields Rise Near 4-Year High

The GOLD / SILVER RATIO rose from near 2-month lows in London trade on Monday as both metals fell against a rising Dollar after new US data beat analyst forecasts. With manufacturing activity and sales of existing homes both stronger than Wall Street predicted, world stock markets held flat as falling bond prices saw the yield on 10-year US Treasury debt rise near 4-year highs at 2.98%.

Silver Has Potential For 50% Rally - Bloomberg Intelligence

(Kitco News) - Fundamentals are in place for precious metals, especially silver, to significantly break out of current trading ranges, according to a report from Bloomberg Intelligence. The report said that silver has a history of lagging its industrial metals companions and can rally as much as 50% by simply “catching up.” “Essentially unchanged from June 2016, silver has plenty of room to catch up to the 50% rally in the Bloomberg Industrial Metals Spot Index and 3% decline in the trade-weighted broad dollar,” the report said. “It's been about 50 years since silver's 12-month range was this narrow, increasing the likelihood of a sharp rally.”

The 3 Top Silver ETFs

Many investors looking to diversify their investments away from stocks and bonds have done so by adding exposure to commodities to their portfolios. Silver is a particularly interesting commodity, in that it straddles the fence between the precious metals and base metals. Like gold, it's commonly used in jewelry, yet silver's relatively low price allows it to be commonly used in a variety of industrial applications as well.

AbraPlata Files Diablillos Silver-Gold Project PEA Report

BUENOS AIRES, April 23, 2018 (GLOBE NEWSWIRE) -- AbraPlata Resource Corp. (TSX.V:ABRA) (OTCPK:ABBRF) (Frankfurt:1AH) ("AbraPlata" or the "Company") is pleased to announce the filing on SEDAR (www.sedar.com) of the Preliminary Economic Assessment (“PEA”) Technical Report (the "Report") for its 100%-owned Diablillos silver-gold project (the “Project”) located in Salta Province, Argentina.

Barrick Gold earnings helped by higher gold prices

Higher gold prices added shimmer to Canadian miner Barrick Gold’s earnings though lower output weighed on the company’s revenues. The company reported net income of $158m, or 14 cents a share, in the first quarter, down from $679m or 58 cents a share in the year-ago quarter, when Barrick benefited from the divestment of a 25 per cent share of its Cerro Casale project in Chile. Adjusting for these items, earnings rose to 15 cents a share, ahead of expectations for 13 cents, according to a Thomson Reuters poll.

Gold tracks US dollar as interest rates take a back seat: WGC

Interest rates in America are no longer influencing gold performance, while the US dollar movement is again becoming a strong indicator of the price direction of the yellow metal, the World Gold Council (WGC) has said. The UK-based gold industry body, in a report, said this trend will continue over coming months even while the dollar won't explain the precious metal's movements entirely. "Investors often use the direction of the US dollar as a bellwether for gold's performance. However, over recent years, short-term movements in gold have been more heavily influenced by US interest rates and expectations of policy normalisation.

Bitcoin Beats Gold On Every Front - John Pfeffer

(Kitco News) - While interest in gold is starting to grow, the yellow metal did not get a warm reception at the 23 annual Sohn Investment Conference. In his presentation, John Pfeffer, partner at Pfeffer Capital, picked bitcoin over gold, saying that the cryptocurrency is “the first viable candidate," to replace gold. He added that bitcoin is better than gold "on every front." While Pfeffer is a fan of bitcoin and the blockchain technology he doesn't’ think every asset is equal and aside from bitcoin, most are bad bets.

'Deccan Gold Mines an interesting play in the gold mining space'

Deccan Gold Mines (DGML) is a unique company and an interesting play on gold mining. It is the first and only gold exploration company listed on the BSE, established in 2003 by promoters with deep roots in the exploration and mining sector. DGML is involved in gold exploration in Karnataka and Andhra Pradesh where the activities have resulted in defining a number of gold prospects spread across these states.

Gold falls to Rs 32,310; silver moves down by Rs 150 per kg

Gold fell Rs 140 to Rs 32,310 per ten gram at the bullion market owing to tepid demand from local jewellers amid a weak global trend. Silver also went down by Rs 150 to Rs 41,350 per kg due to reduced offtake by industrial units and coin makers. Traders said easing demand from local jewellers as well as retailers at the domestic spot market fuelled the downtrend in gold prices. This was aided by a weak trend in global markets, where gold prices slipped to their lowest level in nearly two weeks as the dollar rose on the back of rising US Treasury yields and as global political concerns eased.

Randgold expects Kibali gold output to rise thanks to automation

Africa-focused gold producer Randgold Resources (LON:RSS) said Monday it its Democratic Republic of the Congo mine to achieve full production guidance this year, following the commissioning of its underground operation's automated material handling system.

INVESTORS ARE INCREASINGLY CHOOSING BITCOIN OVER GOLD

Bitcoin’s first true challenge for gold’s throne came when the dominant cryptocurrency surged from under $1,000 to roughly $20,000 in 2017. At the same time, the price of gold was stagnating around $1,200 per ounce — causing almost everybody involved in finance and investing to take note.

Gold Prices To Push Past $1,400 By 2019 - Murenbeeld & Co.

(Kitco News) - The gold market continues to struggle to maintain momentum as its quiet summer period quickly approaches, but one research firm is expecting that prices will break out of their current trading channel by the end of the year and be solidly above $1,400 an ounce in 2019.

Gold prices edged lower

Gold is currently trading near the important support zone of 31,300 levels. On hourly chart RSI is below 40 levels, indicating low momentum in prices. Close below 31,300 can push prices lower towards 31,200 levels. We can expect profit booking in prices as dollar index is becoming stronger.

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