The gold market is falling, but the problems in Italy can rectify the situation
Today markets gold, silver and palladium are still under pressure of the strengthening US dollar, while platinum is growing up under the influence of spread trading. Day on American and European markets reduced trading activity.
Escalating political crises in Italy and Spain may lead to another change in the Euro area, which puts pressure on the Euro and boost the demand for gold. Stop growth in the stock markets supports the demand for insurance assets. June may be the worst month for the markets.
Stocks in ETF funds, precious metals have not changed.
Prices on precious metals in Shanghai on the SGE tumbled as the volume of trades. The Renminbi to US dollar continues to weaken.
Net gold imports into China via Hong Kong in April 2018 has declined by 35.3% on a monthly basis under the influence of falling demand. Total gold imports into China via Hong Kong also fell to 40.95 tons in April against 61,845 t in March.
Gold prices after stagnating at $1297 rose sharply to $1304, and then show a slight decline.
The nearest support levels in gold are $1290-1280, the resistance levels of $1305-1320.
Silver prices in correlation with the gold market sank to the level $of 16.37, and then recovered to the level $of 16.46. The ratio of gold to silver is 78,79 points. The ratio of platinum to silver is 55,16 points.
The next support levels in silver – $16,40-16,15, resistance $of 16.52-of 17.07.
Platinum prices fluctuate in a narrow range of $902-908 influenced by spread trading. The spread between gold and platinum is $396/oz. The spread between platinum and palladium has widened to $86/oz.
The next support levels in platinum – $902-878, the resistance levels of $915-935.
The palladium price recovered to the level of $979, and then decreased again to $971 in correlation with the dynamics of the US stock market.
The next support levels in palladium – $970-958, resistance levels – $979-998.
Analyst of commodity markets,