The price of gold falls due to dollar optimism
The markets of gold and silver today, falling under the influence of a strengthening United States dollar. Platinum prices grow, and the cost of palladium is reduced under the influence of spread trading. The recovery of activity in the stock markets and raised the yield on the bond market pulled investors ‘ funds from the precious metals markets. The change of U.S. Secretary of state raises geopolitical risks.
Stocks in the silver ETF-funds have grown, stocks in the rest of ETF funds, precious metals have not changed.
Prices on precious metals in Shanghai on the SGE fell, trading volumes in gold increased, the Renminbi to US dollar has strengthened.
Moscow exchange plans to start trading deliverable futures contracts for gold in III quarter 2018 Delivery is scheduled to perform through the spot section of the market of precious metals.
Gold prices rose towards $1330 under the influence of increased political uncertainty and protectionist scandals initiated by the United States. The insurance function of the metal is in great demand, especially in conditions of growing inflation.
The nearest support levels in gold are $1316-1285, resistance levels – $1343-1365.
Silver prices in correlation with the gold market increased to $16,66, and then fell to $16,59. The ratio of gold to silver is 79.97 points. The ratio of platinum to silver is 58,38 points.
The next support levels in silver – $16,45-16,10, resistance levels – $16,65-17,0.
The price of platinum in correlation with the market of gold decreased to the level of $962, and then recovered to the level of $970. The spread between gold and platinum is $364/oz. The spread between platinum and palladium is$29/oz.
The next support levels in platinum – $962-949, resistance levels – $974-998.
The palladium market after a decline to $971 recovered to the level of $990. The growth in the stock market supports the trading of palladium, but according to the report CFTC COTR and observed a strong reduction of long positions in palladium and platinum.
The next support levels in palladium – $966-939, resistance levels – $1000-1020.
Analyst of commodity markets,