The price of gold can not get out from under the pressure of the US dollar
The markets of gold and silver today adjusted downwards under the impact of the strengthening of the U.S. dollar, and platinum group metals grow in correlation with the growth in the stock market. Talks China and the United States regarding the mutual trade has not yet achieved results, but the fact of their conduct reduces the risks of the onset of the recession in the global economy.
Stocks in gold ETF funds has declined, stocks in the rest of ETF-funds has not changed. World Gold Council announced the intention to launch in Q2 2018 new ETF Fund for long-term investors in gold, the cost of maintenance which will be minimal between similar ETF funds. Details not yet reported.
Prices on precious metals in Shanghai on SGE in the past, the company has grown, trading volumes remain average. The Renminbi to U.S. dollar continued to weaken.
Award in domestic gold market in China last week, remained at $8-9/oz amid the surge in sales of jewellery in Hong Kong – $0,5-1,5/ounce in Singapore is about $0.8/oz.
Tokyo gold continues to trade at parity with London. The demand for gold increased because of the celebration of Golden week.
In India award for the supply of gold rose to $1.5/oz on the background of replenishment lower inventory jewelers after a price decline in London. Retail purchases remain active during the period of wedding festivals, which also contribute to falling prices in the domestic market.
Gold prices rebounded to $1319 under the influence of the revival of purchases after the price reduction. In the face of rising inflation, gold preserves the status of the hedging item into equity investments. According to the report of the CFC for the previous week, gold saw a significant increase in long positions.
The nearest support levels in gold are $1305-1290, resistance levels – $1326-1345.
Silver prices in correlation with the gold market increased to $16,595, and then decreased to the level of $16,510. The ratio of gold to silver is 79,62 points. The ratio of platinum to silver is 55,56 item.
The next support levels in silver – $16,14-15,90, resistance levels – $16,72-loss of 16.85.
The price of platinum in correlation with the growth in the gold market recovered to the level of $919, then there is a correction to $916. The spread between gold and platinum is $408/oz. The spread between platinum and palladium is $61/ounce.
The next support levels in platinum – $903-895, resistance levels – $920-935.
Analyst of commodity markets,