Precious Metals Market Report
Friday 19 May, 2017
Fundamentals and News*
Gold Retreats as U.S. Manufacturing Gauge Climbs, Dollar Rallies
Gold’s Haven Status Refreshed as Trump’s Turmoil Wounds Stocks
Gold +2.1% this week at $1,253.75/oz Price touched $1,265.08/oz on Thursday, highest since May 1
A gauge of dollar +0.4% after six straight losses; U.S. equities advance
U.S. May Philadelphia Fed factory index 38.8 vs 22.0 prior
As of May 17, 2017, the price of gold has risen ~10% YTD (year-to-date). It has been very volatile lately. Gold touched a five-month high of $1,284 per ounce in April following President Trump’s comments on a strong US dollar and his preference for the Fed keeping interest rates low. It reached $1,220 per ounce on May 9, 2017, as uncertainty in France lessened with its election ending, and then rebounded 3% following media reports of Trump sharing classified information with Russian officials.
Gold needs to clear the $1,270 level before it can go higher to possibly reach $1,300, but for now, prices are a “little overdone” and a small correction is expected, according to Lan. “It all depends on the news flow.
Gold ended a six-day rally that was driven by a flight to quality amid disarray engulfing Donald Trump’s White House
Silver futures post 1st loss in 7 sessions
Platinum, palladium futures fall on Nymex
(*source Bloomberg)
Data – Forthcoming Release
Technical Outlook and Commentary: Gold
Gold for Spot delivery was closed at $1247.07 an ounce; with loss of $14.29 or -1.15 percent at 1.00 a.m. Dubai time closing, from its previous close of $1261.36
Spot Gold technically seems having resistance levels at $1261.1 and $1270.7 respectively, while the supports are seen at $1229.9 and $1220.3 respectively.
Technical Outlook and Commentary: Silver
Silver for Spot delivery was closed at $16.59 with loss of $0.32 or -1.93 percent at 1.00 a.m. Dubai time closing, from its previous close of $16.91
The Fibonacci levels on chart are showing resistance at $16.93 and $17.10 while the supports are seen at $16.37 and $ 16.20 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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