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Gold Silver Market Report 7 July 2017

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Precious Metals Market Report 
Friday 07 July, 2017 

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Fundamentals and News*

Gold Rises a Second Day as U.S. Employment Data Misses

Gold futures rise for second day as dollar slides after weaker-than-expected U.S. employment data fueled speculation that Federal Reserve may take a more cautious approach on monetary tightening.

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Bullion futures for Aug. delivery +0.1% to settle at $1,223.30/oz at 1:45pm on Comex in N.Y.

U.S. Weekly Jobless Claims Rose 4k to 248k; Est. 243k

ADP Data on Private Hiring Suggest U.S. Job Market Is Moderating

U.S. non-farm payrolls report Friday expected to show economy added 178,000 jobs in June

The weak employment data “has made investors a little cautious,”Naeem Aslam, the chief market analyst at Think Markets U.K. Ltd. in London o “Investors are going to question Fed’s hike in interest rate if the U.S. NFP number is also fragile,” he says o “All of this is providing tailwinds for the gold price”

Fed Consensus Fraying as Unease Over Low Inflation Nags at FOMC

Gold Traders Bullish Third Week After North Korea Spooked Market

In other precious metals:
Silver futures also rise on Comex

Platinum futures gain on Nymex, while palladium slips
(*source Bloomberg)
 

Data – Forthcoming Release

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Technical Outlook and Commentary: Gold

Gold for Spot delivery was closed at $1225.22 an ounce; with loss of $1.82 or 0.15 percent at 1.00 a.m. Dubai time closing, from its previous close of $1227.04

Spot Gold technically seems having resistance levels at 1242.1 and 1249.4 respectively, while the supports are seen at $12181.6 and 1211.3 respectively.
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Technical Outlook and Commentary: Silver

Silver for Spot delivery was closed at $16.04 with loss of $0.05 or 0.31 percent at 1.00 a.m. Dubai time closing, from its previous close of $16.09

The Fibonacci levels on chart are showing resistance at $16.52 and $16.71 while the supports are seen at $15.89 and $ 15.70 respectively.
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Resistance and Support Levels

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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
Kaloti Precious Metals (KPM) does not provide trading or investment advice to its customers. The information provided in this report constitutes market commentary only and KPM assumes no liability whatsoever for the accuracy and/or any use of the information contained in this report and expresses no solicitation to buy or sell OTC products, futures, or options on futures contracts. The Customer should not regard any views or opinions given in this report as being investment or trading advice KPMI shall have no liability whatsoever for any view or opinion expressed in the report. Reproduction of this report without authorization is forbidden. All rights reserved.

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