Gold is declining under the pressure of rising U.S. dollar
Markets gold, silver and platinum today, falling under the influence of a strengthening U.S. dollar, and the market reacts with palladium rising to the recovery of the stock market. Chinese traders rest on Thursday and Friday due to national holidays, which reduces trading activity.
The price of gold and silver in Shanghai SGE has grown, the price of platinum was lower, trading volumes fell, the Chinese yuan slightly weakened against the US dollar.
Stocks in the gold ETF funds have grown, stocks in palladium ETF-funds fell, stocks in other funds of precious metals has not changed.
According to the Moscow exchange, the trading volume of gold in March 2018 rose to 3.5 tons vs 2.5 tons in February 2018, but remained below last year’s volumes.
The price of gold once again tested the strong resistance level of $1351, after which there was a correction of prices down to $1329. Consolidation range continues.
The nearest support levels in gold are $1325-1300, resistance levels – $1365-1390.
Silver prices in correlation with the market of gold has increased to level $of 16.51, and then decreased to the level of $16,20. Fundamentally, the silver market remains worse than the gold market. The ratio of gold to silver is 81,68 points. The ratio of platinum to silver is 55,99 points.
The next support levels in silver – $16,0-15,90, resistance levels – $16,30-loss of 16.85.
Platinum prices on the background of the expected decline in industrial consumption decreased to the level of $913. The spread between gold and platinum is $420/oz. The spread between platinum and palladium is us $12.5/oz.
The next support levels in platinum – $900-876, resistance levels – $928-943.
The price of palladium declined to $912 in correlation with the stock market decline, and then were able to recover to the level of $922.
The next support levels in palladium – $912-896, resistance levels – $925-946.
Analyst of commodity markets,