Gold Silver Market Report 31 March 2017

Fundamentals and News

Treasuries Fall as Stocks Pare Gains, Gold Slumps: Markets Wrap

(Bloomberg)

Treasuries fell with gold, while the dollar advanced as central bank officials in Europe and the U.S. signaled divergent policy paths. U.S. stocks pared gains.

The S&P 500 Index trimmed its advance as the benchmark for American equity heads for a quarterly gain of more than 5 percent. The greenback dipped after CNBC cited unnamed sources that multiple U.S. agencies were looking into currency penalties. The dollar earlier rose as Fed speakers suggested rates may need to rise faster than the market currently anticipates, while the euro weakened and core European government bonds rose as investors weighed the prospect of the ECB sticking with its loose monetary policy.

While European central bank officials doused expectations policy makers were planning to withdraw monetary support, Fed officials shifted to a more hawkish tone, as the world’s biggest economy progresses toward goals for full employment and 2 percent inflation. Investors remained focused on Washington, where Republicans hinted they may revisit health-care reform, raising concern that tax cut attempts may take a back seat.

“The ECB is likely to tread very carefully in the coming months, and not adjust their forward guidance or tone significantly before they feel more comfortable about the economy and inflationary pressure,” Bas van Geffen, an analyst at Rabobank International, wrote in a note.

Indonesia’s government said the local unit of Freeport-McMoRan Inc. has agreed to convert its longterm contract into a mining license, potentially enabling the company to resume overseas sales of copper concentrate from the Grasberg complex.

However, a Freeport spokesman said the company’s Contract of Work will continue to stand “until a mutually satisfactory replacement agreement is completed.” In the meantime, the company did confirm it’s making progress on a deal that would allow it to resume copper concentrate exports, Eric Kinneberg, a Phoenix-based company spokesman, said Thursday in an emailed statement
(*source Bloomberg)

Data – Forthcoming Release

Technical Outlook and Commentary: Gold

Gold for Spot delivery was closed at $1242.64 an ounce; with loss of $10.81 or -0.87 percent at 2.00 a.m. Dubai time closing, from its previous close of $1253.45

Spot Gold technically seems having resistance levels at 1255.9 and 1260.6 respectively, while the supports are seen at $1240.6 and 1235.9 respectively.

Technical Outlook and Commentary: Silver

Silver for Spot delivery was closed at $18.11 an ounce; with loss of $0.13 or -0.72 percent at 2.00 a.m. Dubai time closing, from its previous close of $18.24

The Fibonacci levels on chart are showing resistance at $18.24 and $18.41 while the supports are seen at $17.69 and $ 17.52 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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