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.prices are solidly higher in early U.S. trading Wednesday following a U.S.
In overnight news, Comex copper futures hit a new record high of $5.1280 a pound. Tighter global supplies, better world economic growth, smelter issues in China, as well as rampant market speculation, are driving the red industrial metal’s price sharply higher. Could copper be the next cocoa? Cocoa futures last year at this time were trading around $3,000 a metric ton. In April, cocoa futures reached a record high of $12,261 a ton.
Technically, the gold futures bulls have the firm overall near-term technical advantage. 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 $2,300.00. First resistance is seen at the overnight high of $2,386.40 and then at $2,400.00. First support is seen at the overnight low of $2,360.30 and then at $2,350.00 and then at $2,330.
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.
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Gold SWOT: China’s central bank topped up its gold reserves for an 18th straight monthThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
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