Precious Metals Market Report
Tuesday 25 July, 2017
Fundamentals and News*
Gold Trades at Highest in Month as Dollar Holds Slump
Gold futures reach the highest since mid-June as the dollar held near the lowest in more than a year before this week’s U.S. Federal Reserve meeting. Silver advances in longest run in 3 years.
Gold for Dec. delivery +0.1% to $1,262.20/oz at 9:32am on Comex in New York
Price earlier reached highest for a most-active contract since June 15
Futures +2.7% last week, most since April 2016
“It’s the weaker dollar overall,” says Bob Haberkorn, a senior market strategist at RJO Futures in Chicago
“After we get through the Fed, you may see more weakness in the dollar, which should help gold”
There’s also the existing “turmoil in Washington“leading to a “flight to quality,” he says. U.S. President Donald Trump’s “agenda is running up against a wall in Congress”
Silver +0.4% at $16.52/oz
Earlier touched highest since July 3
7th daily gain is longest run for most-active contract since June 2014
Trump’s son-in-law and senior adviser Jared Kushner will be interviewed by Senate Intelligence Committee Monday, and Donald Trump Jr. and former Trump campaign Chairman Paul Manafort will go before Senate committees Wednesday
Fed policy decision due Wednesday; no rate change expected
As Fed ponders inflation, bond traders have made up their minds
Dollar slumps as leveraged funds brace for Kushner-event risk
In other precious metals
Platinum little changed at $937.30/oz
Palladium +0.3% to $847/oz
(*source Bloomberg)
Data – Forthcoming Release
Technical Outlook and Commentary: Gold
Gold for Spot delivery was closed at $1255.30 an ounce; with little change of $0.32 or 0.03 percent at 1.00 a.m. Dubai time closing, from its previous close of $154.98
Spot Gold technically seems having resistance levels at 1259 and 1265.1 respectively, while the supports are seen at $1239.1 and 1233 respectively.
Technical Outlook and Commentary: Silver
Silver for Spot delivery was closed at $16.48 with gain of $0.03 or 0.18 percent at 1.00 a.m. Dubai time closing, from its previous close of $16.51
The Fibonacci levels on chart are showing resistance at $16.54 and $16.67 while the supports are seen at $16.12and $ 15.99 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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