Precious Metals Market Report
Friday 28 July, 2017
Fundamentals and News*
Gold Swings After 6-Week High as Dollar Gains, Stock Rally Ebbs
Gold for immediate delivery falls less than 0.1% to $1,260.35/oz at 2:16 pm in N.Y., after rising as much as 0.4% to highest since mid-June.
Dollar extends gains against a basket of 10 currencies
Treasury Futures Dip As AT&T Deal Size Set at $22.5 Billion
Stocks Tumble as Volatility Spikes, Dollar Gains: Markets Wrap
“Treasury yields backing up on decent U.S. data has given the beleaguered dollar some relief, which has triggered profit-taking in gold after yesterday’s sharp post FOMC bounce,” says Tai Wong, head of base and precious-metals trading at BMO Capital Markets in N.Y.
Futures contract for Dec. delivery +0.9% to settle at $1,266.50/oz at 1:48 pm on Comex in N.Y., after rising as much as 1.3%
Gold Reaches Six-Week High as Palladium Extends Rally
Holdings in SPDR Gold Trust, the largest bullion-backed ETF, fell a 4th day; haven’t risen for the past month o Assets -0.6% to 795.4 tons as of Wednesday, lowest since March 2016
Spot silver drops 1st time in 3 days
Platinum -0.6% to $926.28/oz, palladium +0.8% to $875.92/oz, heads for 4th straight gain
(*source Bloomberg)
Data – Forthcoming Release
Technical Outlook and Commentary: Gold
Gold for Spot delivery was closed at $1259.15 an ounce; with a loss of $1.38 or 0.11 percent at 1.00 a.m. Dubai time closing, from its previous close of $1260.53
Spot Gold technically seems having resistance levels at 1264.4 and 1269.5 respectively, while the supports are seen at $1247.6 and 2142.5 respectively.
Technical Outlook and Commentary: Silver
Silver for Spot delivery was closed at $16.58 with the loss of $0.07 or 0.42 percent at 1.00 a.m. Dubai time closing, from its previous close of $16.65
The Fibonacci levels on chart are showing resistance at $16.77 and $16.90 while the supports are seen at $16.33and $ 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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