Bill Poulos is an investor, financial educator, published author, and retired automotive executive. He shares his investment knowledge through online platforms and his YouTube Channel. Profits Run reviews best investment practices while managing risks through publications, coaching, investment software, and courses. Recently, Bill applauded Amazon’s Jeff Bezos honesty in his annual shareholders letter. Read the latest prices in the commodities market below.
GOLD
Gold has had a good week, opening at $1277 per oz on Monday and then dropping to a low of $1269 per oz on Tuesday, the week’s low point. But this all changed on Thursday with a very bullish response to the weaker than expected PMI Manufacturing data that came out Thursday morning, pushing the gold price all the way up to $1287, $10 higher than Monday’s open. Friday’s trading is bullish but within Thursday’s range, with gold prices remaining sideways and has consolidated in a fairly tight trading range, unable to break out of the weekly high set Thursday. Currently Gold is trading just above $1284 per oz late on Friday’s pre-holiday session, which is generally slower than normal, which is currently the case. Resistance remains strong at the $1290 level, which if it can break that level, $1300 is the next higher target. On the bearish side, $1270 is very solid support, which has brought in new buyers. Until Gold breaks out of this trading range, expect more sideways trading.
SILVER
Silver, like Gold, rallied significantly on Thursday due the weaker than expected Manufacturing data. On Friday Silver has consolidated Thursday’s gains and is fairly flat, which is also consistent with a pre-holiday session due to Memorial Day market closure on Monday. There is significant resistance at $14.60 and significant support at $14.40. This week Silver moved up above the $14.40 open and reversed the selloff of the last few weeks trading well above Monday’s open just under $14.40 at $13.38 per oz. Current trading late on Friday is just above $14.55 a nice weekly gain.
OIL
Oil prices have dropped significantly this week, dropping from a high on Tuesday of $63.75 per barrel down to below $58 per barrel. This is the biggest weekly drop this year. The main concerns that are pushing prices lower are rising inventories. U.S crude inventories rose to the highest levels since July 2017. This is a good supply especially with concerns of lower economic growth and continued worries around the U.S. China trade war that seems to be taking on a longer-term dispute with no real fast solution. This itself could have a slowing effect on the economic growth of the economy, which naturally will slow demand. Friday has moved up just a bit consolidating after Thursday big drop. Currently Oil is trading right around $58.50 per oz. late on Friday’s trading.