Precious Metals Market Report
Friday 05 May, 2017
Fundamentals and News*
Gold Posts Biggest 2-Day Drop This Year Before U.S. Jobs Data
Gold futures posted the biggest two-day loss since December as traders speculate a U.S. jobs report due tomorrow will bolster Federal Reserve’s case for raising interest rates twice more this year.
Futures for June delivery -1.6% to settle at $1,228.60/oz at 1:38pm on Comex in NY
Metal -2.3% in past 2 days, most since December
Fed signals gradual rate-hike approach is intact
“People are looking more at the rate structure,” says Bill O’Neill, a partner at Logic Advisors in Upper Saddle River, N.J.
“Yesterday’s Fed meeting confirmed the June rate hike”
“The money flows have turned sour”
U.S. 10-year yields climbed to highest level since April 10
U.S. added 190k jobs in April: BBG survey
Gold demand falls to 7-year low for a first quarter
In other precious metals:
Spot silver falls as much as 1.6% to lowest since Jan.
Silver futures decline for 13th day, matching longest slump since 2001
Platinum for immediate delivery rises 1st time in 4 days
Palladium for immediate delivery climbs
Platinum trades at lowest ratio to gold since 1987
(*source Bloomberg)
Data – Forthcoming Release
Technical Outlook and Commentary: Gold
Gold for Spot delivery was closed at $1228.16 an ounce; with loss of $10.00 or -0.82 percent at 1.00 a.m. Dubai time closing, from its previous close of $1238.17
Spot Gold technically seems having resistance levels at 1259.1 and 1269.8 respectively, while the supports are seen at $1224.4 and 1213.6 respectively.
Technical Outlook and Commentary: Silver
Silver for Spot delivery was closed at $16.33 with loss of $0.15 or -0.90 percent at 1.00 a.m. Dubai time closing, from its previous close of $16.47
The Fibonacci levels on chart are showing resistance at $17.12 and $17.40 while the supports are seen at $16.19 and $ 15.90 respectively.
Resistance and Support Levels
Indications only, open & closing prices are bids; data source: Bloomberg; important disclaimer below; Times as per Dubai
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