advertising banner for bullion vault

Gold Silver Market Report 18 May 2017

   SHARE THIS POST:

Precious Metals Market Report 
Thursday 18 May, 2017 

main180517

snapshot180517

Fundamentals and News*

Gold Rallies as Trump’s `Toughest Time’ in Office Batters Dollar

Bullion’s gains are largely due to weaker dollar, OCBC says

the gold forecast banner

Gold rises amid suggestion Trump may have obstructed justice

Gold’s getting a boost from the turmoil surrounding Donald Trump’s administration.

The metal climbed for a fifth day, the longest run in a month, on reports that the president asked FBI Director James Comey to drop an investigation into a former National Security Adviser. The dollar has dropped and European stocks fell amid the latest controversy, which prompted references to the 1970s Watergate scandal that helped to sink the then president, Richard Nixon.

Trump “perhaps is facing his toughest time in the office. Investors are questioning whether there is “any possibility of impeachment becoming a reality, because certainly that would hit the confidence massively.”

Bullion for immediate delivery climbed as much as 1.9 percent to a two-week high of $1,260.38 an ounce, and was at $1,259.20 by 1:56 p.m. in New York, according to Bloomberg generic pricing. That takes this year’s gain to about 8.7 percent.

In New York, gold futures for June delivery had a sixth straight gain on the Comex, the longest rally since August.

Gold has risen after Trump’s firing of the FBI director a week ago and following reports that Trump shared intelligence with RussiaSilver for immediate delivery headed for a sixth straight gain, the longest run since March

Silver for immediate delivery headed for a sixth straight gain, the longest run since March. Spot palladium fell for a third day.

Spot platinum rose for a sixth day, the longest stretch since February.
(*source Bloomberg)
 

Data – Forthcoming Release

forthcoming180517
 

Technical Outlook and Commentary: Gold

Gold for Spot delivery was closed at $1261.36 an ounce; with profit of $24.12 or 1.91 percent at 1.00 a.m. Dubai time closing, from its previous close of $1237.24

Spot Gold technically seems having resistance levels at $1263.7 and $1274.4 respectively, while the supports are seen at $1228.9 and $1218.2 respectively.

gold170517

Technical Outlook and Commentary: Silver

Silver for Spot delivery was closed at $16.91 with profit of $0.05 or 0.29 percent at 1.00 a.m. Dubai time closing, from its previous close of $16.86

The Fibonacci levels on chart are showing resistance at $17.04 and $17.24 while the supports are seen at $16.38 and $ 16.17 respectively.
silver180517
 

Resistance and Support Levels

resist180517
Indications only, open & closing prices are bids; data source: Bloomberg; important disclaimer below; Times as per Dubai

This analysis is also available at Kaloti Precious Metals SG
Kaloti Precious Metals (KPM) does not provide trading or investment advice to its customers. The information provided in this report constitutes market commentary only and KPM assumes no liability whatsoever for the accuracy and/or any use of the information contained in this report and expresses no solicitation to buy or sell OTC products, futures, or options on futures contracts. The Customer should not regard any views or opinions given in this report as being investment or trading advice KPMI shall have no liability whatsoever for any view or opinion expressed in the report. Reproduction of this report without authorization is forbidden. All rights reserved.

Bullion.Directory or anyone involved with Bullion.Directory will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading in precious metals. Bullion.Directory advises you to always consult with a qualified and registered specialist advisor before investing in precious metals.

prize draw details

Leave a Reply



  I accept your GDPR / Data Protection Policies