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Gold Silver Market Report 12 May 2017


Precious Metals Market Report 
Friday 12 May, 2017 



Fundamentals and News*

Gold Holds Near 8-Week Low as Investors Weigh Fed Rate Comments

Gold holds near eight-week low as investors weigh comments from Federal Reserve Bank of Boston President Eric Rosengren who urged his policy-making colleagues to raise interest rates three more times this year.

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Bullion for immediate delivery +0.2% to $1,222.02 an ounce at 2:19pm in Singapore: Bloomberg generic pricing; -0.2% to $1,219.10 on Wednesday, lowest close since March 14

“Gold is consolidating amid lack of major events or economic data,” Madhavi Mehta, analyst at Mumbai-based Kotak Commodity Services, says in email. “Overall sentiment is still weak.”

Bloomberg Dollar Spot Index little changed; -0.1% Wednesday

Rosengren Warns of Overheating and Seeks More Hikes

“Extreme long positioning, the spectre of a Federal Reserve rate hike next month, and the inability of any news to raise the safe haven temperature globally are all gradually eroding gold’s pricing premium,” Jeffrey Halley, a market strategist at Oanda Corp. in Singapore, says by email

“Basically nothing seems to be able to shake the street from its low volatility malaise and this is slowing undermining gold, as is the likelihood of a rate hike next month,” Halley says

Traders Ramp Up Bets on Sept. for Third 2017 Fed Hike

In China: Bullion of 99.99 percent purity +0.1% to 274.25 yuan/gram on Shanghai Gold Exchange

On Shanghai Futures Exchange:
Gold for Dec. delivery little changed at 277.25 yuan/gram
Silver for Dec. +0.8% to 4,034 yuan/kg

In other precious metals:

Spot silver +0.6% to $16.2943/oz
Platinum +0.6% to $916.51/oz
Palladium +0.7% to $802.95/oz
(*source Bloomberg)

Data – Forthcoming Release


Technical Outlook and Commentary: Gold

Gold for Spot delivery was closed at $1225.04 an ounce; with gain of $5.94 or 0.48 percent at 1.00 a.m. Dubai time closing, from its previous close of $1219.10

Spot Gold technically seems having resistance levels at $1233.8 and $1239.10respectively, while the supports are seen at $1216.9 and $1211.6 respectively.

Technical Outlook and Commentary: Silver

Silver for Spot delivery was closed at $16.33 with profit of $0.14 or 0.86 percent at 1.00 a.m. Dubai time closing, from its previous close of $16.19

The Fibonacci levels on chart are showing resistance at $16.48 and $16.59 while the supports are seen at $16.13 and $ 16.02 respectively.

Resistance and Support Levels

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
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