2024-09-26 06:07
IndustryGold logs another record high
Gold futures climbed to another record high on Wednesday, a day after its sister metal, silver, settled at its highest in more than 11 years, but both may be ready for a pullback in the coming weeks as daily charts for the metals show what one technician referred to as “upside exhaustion.”
On the futures market, gold for December delivery climbed to an intraday record high of $2,694.90 an ounce on Comex Wednesday and marked an all-time settlement high of $2,684.70, according to Dow Jones Market Data. Silver on Tuesday saw its December contract settle at $32.43 an ounce, the highest most-active contract finish since December 2012. It eased back a bit Wednesday to settle at $32.02.
In a note Wednesday, Jonathan Krinsky, chief market technician at BTIG, said he remains “constructive” on precious metals over the next six to 12 months but added that there are “tactical opportunities that present themselves, and we want to be opportunistic so that we can add into weakness.”
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Gold logs another record high
| 2024-09-26 06:07
Gold futures climbed to another record high on Wednesday, a day after its sister metal, silver, settled at its highest in more than 11 years, but both may be ready for a pullback in the coming weeks as daily charts for the metals show what one technician referred to as “upside exhaustion.”
On the futures market, gold for December delivery climbed to an intraday record high of $2,694.90 an ounce on Comex Wednesday and marked an all-time settlement high of $2,684.70, according to Dow Jones Market Data. Silver on Tuesday saw its December contract settle at $32.43 an ounce, the highest most-active contract finish since December 2012. It eased back a bit Wednesday to settle at $32.02.
In a note Wednesday, Jonathan Krinsky, chief market technician at BTIG, said he remains “constructive” on precious metals over the next six to 12 months but added that there are “tactical opportunities that present themselves, and we want to be opportunistic so that we can add into weakness.”
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