The price of gold strengthened after the FOMC meeting
Today the precious metals markets show good growth after the results of the meeting of the U.S. Federal reserve. The U.S. dollar weakens, the stock market grows, bond yields rose.
During yesterday’s meeting, the fed raised interest rates to 1.75-2%, adding that adheres to achieve the inflation target of 2%.
The regulator is optimistic about the state of the us economy, although it expects a decline in the growth rate in 2019, rising inflation due to high oil prices, as well as puzzled by low wage growth.
In General, monetary policy continues to tighten. In 2018, the rate hike is expected in September and December, in 2019 the rate will be raised three more times, in 2020 – once.
Stocks in silver and palladium ETF funds has declined, stocks in the rest of ETF funds, precious metals have not changed.
The price of gold and platinum in Shanghai SGE decreased, the cost of silver has grown, the trading volume increased. The Renminbi to U.S. dollar strengthened.
The price of gold came out of a narrow consolidation range of $1299-1304 have grown to $1309 amid rising inflation expectations.
The nearest support levels in gold are $1297-1280, resistance levels – $1320-1340.
Silver prices in correlation with the market, gold rose to $17,16, showing more rapid growth than the gold market. The ratio of gold to silver is 76,27 points. The ratio of platinum to silver is 52,98 points.
The next support levels in silver – $16,81-16,66, resistance levels – $16,95-17,20.
The price of platinum in correlation to gold market grew to $908. The spread between gold and platinum is $400/ounce. The spread between platinum and palladium is $110/oz.
The next support levels in platinum – $894-832, resistance levels – $910-935.
The palladium price fell to $997, and then recovered to $1010 in correlation with other precious metals markets.
The next support levels in palladium – $997-986, resistance levels – $1017-1036.
Analyst of commodity markets,