Precious Metals Market Report
Wednesday 17 May, 2017
Fundamentals and News*
Yen Climb to Weigh on Japan Stocks; Gold Gains: Markets Wrap
U.S. dollar remains weak, trading at early-November low
Gold is up for a fifth day; S&P 500 remains close to record
The dollar held losses as investors assessed the political risk engulfing President Donald Trump’s administration. That looks set to weigh on shares in Tokyo, with the outlook for exporters being curbed by a stronger yen.
Equity-index futures in Japan pointed lower, with contracts on benchmark gauges in Australia and Hong Kong showing small gains. The greenback held onto losses triggered by a report the U.S. president shared terrorism intelligence with Russian officials, an action he has since defended. The euro traded at the strongest level since November.
Crude reversed gains for the first time in five days.
Weaker-than-anticipated U.S. housing starts added to concerns that growth in the world’s largest economy is fragile, while data from China earlier this week showed a slowdown in industrial production. Actions by Trump’s administration are adding to doubts about its ability to boost infrastructure spending and cut taxes.
Japanese machine orders and industrial production data is due Wednesday.
OPEC’s internal Economic Commission Board meets in Vienna on Wednesday to discuss the market in preparation for the group’s formal meeting on May 25. The U.S. Energy Information Administration is projected to report that crude stockpiles declined by 2.67 million barrels in the week ended May 12, according to a Bloomberg survey of analysts.
Singapore exports and Malaysia CPI for April are due on Wednesday, and the Australian jobs report comes a day later.
Wednesday’s U.K. labor report may reveal pay rose 2.1 percent, down from 2.2 percent.
The euro traded at $1.1083, the strongest level since Nov. 9, after climbing 1 percent.
(*source Bloomberg)
Data – Forthcoming Release
Technical Outlook and Commentary: Gold
Gold for Spot delivery was closed at $1237.24 an ounce; with profit of $6.42 or 0.52 percent at 1.00 a.m. Dubai time closing, from its previous close of $1230.82
Spot Gold technically seems having resistance levels at $1239.7 and $1245.1 respectively, while the supports are seen at $1222.0 and $1216.5 respectively.
Technical Outlook and Commentary: Silver
Silver for Spot delivery was closed at $16.86 with profit of $0.22 or 1.32percent at 1.00 a.m. Dubai time closing, from its previous close of $16.63
The Fibonacci levels on chart are showing resistance at $16.91 and $17.08 while the supports are seen at $16.35 and $ 16.18 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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