The price of gold rose after entering China import duties

  • And
  • +A

The precious metals markets are falling today, reacting a correction to the sharp rise yesterday, the palladium market is growing in correlation with the growth in the stock market. The U.S. dollar is slightly weaker, which supports precious metals.
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 SGE continued to fall, in response to the strengthening of the Chinese currency, trading volumes fell.
Gold prices grew to $1348 after the increase of import duties by China on 128 kinds of American goods, after which there was a correction of prices down to $1341,7.
The nearest support levels in gold are $1325-1300, resistance levels – $1365-1390.
Silver prices in correlation with the gold market recovered to the level of $16,67, then dropped to $16,54. Fundamentally, the silver market remains worse than the gold market. The ratio of gold to silver is 80,63 points. The ratio of platinum to silver is 56,13 points.
The next support levels in silver – $16,40-15,90, resistance levels – $16,67-loss of 16.85.
The price of platinum under pressure of sales on the background of the expected decline in industrial consumption decreased to the level of $935. The spread between gold and platinum widened to $411/oz. The spread between platinum and palladium has narrowed to -$5/oz.
The next support levels in platinum – $933-920, resistance levels – $943-966.
The palladium price continues to respond to the rise of China’s duties on American goods, the market declined to $925 under selling pressure, after which the prices have grown to $933 in correlation with the recovery of the stock market.
The next support levels in palladium – $925-917, resistance levels – $946-966.
Oksana Lukicheva
Analyst of commodity markets,
“Opening Broker”