Gold rises in price after the US and China continued to trade war
Today the precious metals markets are growing. The exceptions are the platinum group metals. USA and China continue trade war that may negatively affect the demand for industrial metals, including platinum group metals. The fall in stock markets supports the demand for insurance metals – gold and silver. However, the increase in interest rates exerts a strong moderating influence on price increases.
In platinum stocks ETF-funds fell again, the other stocks in ETF funds, precious metals have not changed.
Prices on precious metals in Shanghai on the SGE increased, trading volumes increased. The Renminbi to US dollar has significantly weakened, which together with the drop in the stock market maintains interest in the metals. Today, China is an official holiday, the auction is not held.
According to the Finance Ministry, gold production in Russia in January-February 2018 is 33.5 tons, which is 8% higher than in the same period 2017 silver Production in this period increased by 30.6% to RUR 170.5 so Dramatically increased the production of secondary metal.
Gold prices on Friday fell sharply under the influence of technical sales to the level of $1282, after it could not fixate above the level of $1300.
The nearest support levels in gold are $1274-1269, resistance levels – $1292-1300.
Silver prices in correlation with the gold market sharply declined to the level of $accounting period 16.57. The ratio of gold to silver was again expanded to 77,29 points. The ratio of platinum to silver is 53,13 points.
The next support levels in silver – $16,43-16,28, resistance levels – $17,22-17,32.
The price of platinum in correlation with the market, gold fell to $883 and continue to remain under pressure. The spread between gold and platinum is $392/oz. The spread between platinum and palladium is $99/oz.
The next support levels in platinum – $850-832, resistance levels – $890-906.
Palladium prices in correlation with other markets, precious metals fell to $982, and continue to remain under pressure.
The next support levels in palladium – $975-964, resistance levels – $992-1005.
Analyst of commodity markets,