The price of gold remains under pressure from rising dollar
The precious metals markets today are adjusted downwards under the influence of a rising U.S. dollar. Political tensions in the world remains high, but as China and the United States began negotiations on the bilateral trade, it somewhat reduces the risks of the onset of the recession in the world economy, and therefore adversely affect the price of precious metals.
Stocks in the silver ETF-funds have grown, stocks in the rest of ETF-funds has not changed.
The price of gold and platinum in Shanghai on SGE in the past period decreased, the cost of silver has grown, the trading volume fell slightly. The Renminbi to U.S. dollar continued to weaken. However, a significant strengthening of the Renminbi since the beginning of the current year had a negative impact on the investment demand for gold in China. Sales of coins and bars declined in Q1 2018 26.3%.
The price of gold during yesterday’s trading session grew to the resistance level of $1318, which at the moment there is a correction to $1309. In the face of rising inflation, gold preserves the status of the hedging item into equity investments.
The nearest support levels in gold are $1305-1290, resistance levels – $1326-1345.
Silver prices in correlation with the gold market had grown to $16,605, and then decreased to the level of $16,41. The ratio of gold to silver is 79,75 points. The ratio of platinum to silver is 54,91 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 $905, then there is a correction to $900. The spread between gold and platinum is $412/oz. The spread between platinum and palladium is $62,5/oz.
The next support levels in platinum – $895-876, the resistance levels of $915-935.
Palladium prices in correlation with other precious metals markets increased to $967, after which the market returned to the level of $958.
The next support levels in palladium – $936-912, resistance levels – $967-1003.
Analyst of commodity markets,