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Gold Silver Market Report 21 August 2017


Precious Metals Market Report 
Monday 21 August, 2017 



Fundamentals and News*

Gold prices retreated on Friday after surging to their highest level in nine months

Gold prices retreated on Friday after surging to their highest level in nine months earlier on the back of concerns over U.S. political uncertainty and amid safe haven buying in the wake of a terrorist attack in Spain.

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Gold futures for December delivery settled down 0.16% at $1,290.27 on the Comex division of the New York Mercantile Exchange, after rising as high as $1,306.9 earlier, the highest level since November 11.

The precious metal reversed course after reports that senior White House advisor Steven Bannon was leaving his post, in what was seen as a positive for the Trump administration’s agenda.

Ongoing uncertainty over the economic agenda of U.S. President Donald Trump and doubts that the Fed will deliver a third rate hike this year have been factors underpinning gold demand.

Gold prices have risen around 11% this year due in large part to the weaker dollar.

The dollar surged to 14-year highs after Trump’s November election on hopes that his plans for fiscal stimulus and tax reform would bolster the economy. The dollar has since given up its postelection gains amid mounting concerns about the administration’s ability to deliver on its agenda.

A weaker U.S. currency makes the dollar-denominated metal cheaper for foreign buyers.

Gold prices rose above the $1,300 level earlier Friday, a key psychological barrier for many investors, after a terrorist attack killed at least 13 people in Barcelona.

Elsewhere in precious metals trading, silver was at $16.98 a troy ounce late Friday, while platinum settled at $981.75 and palladium slid 0.14% to $924.85 a troy ounce.

Among base metals, cooper ended at $2.94 a pound, after closing at the highest level since November 2014 on Wednesday amid expectations that ongoing demand from China will continue to support prices.

In the week ahead, investors will be looking ahead to speeches by central bankers at the Fed’s annual central bank symposium in Jackson Hole, Wyoming.

Investors will also be watching U.S. data on housing and durable goods to gauge how it will impact on Fed policy, while the euro zone is to release data on private sector activity.

Ahead of the coming week, has compiled a list of these and other significant events likely to affect the markets.
(*source Bloomberg)

Data – Forthcoming Release


Technical Outlook and Commentary: Gold

Gold for Spot delivery was closed at $1284.13 an ounce; wit loss of $4.02 or 0.31 percent at 1.00 a.m. Dubai time closing, from its previous close of $1288.15

Spot Gold technically seems having resistance levels at 1297.0 and 1304.9 respectively, while the supports are seen at $1271.3 and 1263.4 respectively.

Technical Outlook and Commentary: Silver

Silver for Spot delivery was closed at $16.97 with the loss of $0.06 or -0.35 percent at 1.00 a.m. Dubai time closing, from its previous close of $17.03

The Fibonacci levels on chart are showing resistance at $17.24 and $17.41 while the supports are seen at $16.67and $ 16.50 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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