The price of gold falls amid the General optimism in the markets

  • And
  • +A

Today markets gold and palladium slightly down, and the cost of silver and platinum is growing up. The US dollar is a bit weak and the stock market is also reduced. Yields on 10-year Treasury bonds rose to 3.93%, which had a negative impact on the precious metals markets. Another rate hike by the U.S. Federal reserve is expected at the meeting on 12-13 June.
Stocks in ETF funds, precious metals have not changed.
Prices on precious metals in Shanghai SGE decreased trading volumes continued to grow. The Renminbi to U.S. dollar strengthened slightly.
The price of gold under selling pressure tested the level of $1286, after which a slight recovery. The decline in prices caused the market support on the demand side, particularly related to appreciation of the US dollar, reinforcing the rise in gold prices in other currencies.
Most likely, before the June FOMC meeting, the gold market will remain under pressure. While the US dollar may begin to exert a strong influence growing macroeconomic and political risks.
The nearest support levels in gold are $1277-1269, resistance levels – $1294-1320.
Silver prices in correlation with the gold market has tested the level of $16,195, after which grew to $of 16.37. The ratio of gold to silver is of 78.78 points. The ratio of platinum to silver is 54.36 points.
The next support levels in silver – $16,20-15,80, resistance levels – $16,44-of 16.52.
The price of platinum in correlation with the dynamics of the gold market dropped to $888, then grew slightly. The spread between gold and platinum is $403/oz. The spread between platinum and palladium has widened to $95.8/ounce.
The next support levels in platinum – $888-876, resistance levels – $894-904.
The palladium price in correlation with the growth of the US stock market rose to the level of $984, and then decreased to the level of $974.
The next support levels in palladium – $963-936, resistance levels – $984-1002.
Oksana Lukicheva
Analyst of commodity markets,
“Opening Broker”