Gold silver and platinum rally after fed
Markets gold, silver and platinum are growing up today after the release of minutes from the latest U.S. Federal reserve meeting, which had not revealed the aggressive plans of the regulator to raise interest rates.
The publication showed that the fed may raise rates twice before the end of this year. Assessment rate hike in four sessions is at the level of 40% and inflation above 2% will be allowed for anchoring inflation expectations. The yield on 10-year Treasury bond fell to 2.99%, which supported the precious metals markets.
The ECB representative said yesterday that the slowdown in the Eurozone economy does not cause concern of the regulator, so the plans for the completion of the asset purchase program until the end of 2018 will not change. The ECB also expects inflation to the target level of 2%.
Stocks in gold and silver ETF-funds has not changed, the reserves of the platinum and palladium ETF funds has declined.
Prices on precious metals in Shanghai SGE has grown, the volume of trading platinum has increased dramatically. The Renminbi to U.S. dollar weakened.
Gold prices rose to the level of $1296 after the publication of minutes from the latest U.S. Federal reserve meeting, but don’t want to continue growth.
The nearest support levels in gold are $1287-1269, resistance levels at $1300-1320.
Silver prices declined to $16,36, after which grew to $accounting period 16.57. The ratio of gold to silver is 78,67 points. The ratio of platinum to silver is 54,84 item.
The next support levels in silver – $16,36-15,80, resistance levels – $16,73-of 16.83.
The price of platinum in correlation with the dynamics of the gold market was down to $899, and then recovered to a level of $909. The spread between gold and platinum is $394/oz. The spread between platinum and palladium has expanded to 77.7 USD/ounce.
The next support levels in platinum – $896-878, the resistance levels of $915-935.
The palladium price was down to $962, and then recovered to $970 in correlation with the dynamics of the US stock market.
The next support levels in palladium – $958-936, resistance levels – $998-1021.
Analyst of commodity markets,