Precious Metals Market Report
Thursday 18 May, 2017
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
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
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.
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.
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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