The price of gold took a pause before the fed decision and the strengthening of the dollar

  • And
  • +A

The precious metals markets today are growing up under the influence of the depreciation of the U.S. dollar and the decline in the stock market. Trading activity is low ahead of a possible rate hike in the U.S. Federal reserve, which could be announced tonight. Despite the current pressure on prices, General instability in the stock markets and the global economy supports interest in gold. The Central Bank continues to buy gold in reserves: as of March 1, 2018, the gold reserves in international reserves amounted to 1881,8 tons, or 17.8% of all reserves. In February 2018, has purchased 25 tons of gold.
Stocks in gold and silver ETF funds have grown, stocks in the rest of ETF funds, precious metals have not changed. The price of gold and platinum in Shanghai SGE has grown, the trading volume fell slightly, the rate of the yuan to the U.S. dollar weakened. Gold prices decreased to $1307 in, fed US, but grew again to $1316. Market consolidation continues near the level of $1300 aktiviziruyutsya purchase.
According to customs data, Switzerland in February 2018, has become a net importer of gold for the first time in two years, because the supply of gold in the country fell to the lowest level since April of 2014, the Import of gold to Switzerland in February 2018 made 127.8 tons, export – 145,9 tons. The main exports of gold from Switzerland were produced in China (66 tons), Hong Kong (19 tons) and India (27.8 tons).
The nearest support levels in gold are $1300-1285, resistance levels – $1320-1343.
Silver prices in correlation with the market of gold decreased to $16,12, after which grew to $16,27. The ratio of gold to silver is 80,94 points. The ratio of platinum to silver is 57,96 points.
The next support levels in silver – $16,10-16 resistance levels – $16,32-16,48.
The price of platinum in correlation with the market of gold decreased to the level of $943, and then recovered to the level of $946. The spread between gold and platinum is $370/ounce. The spread between platinum and palladium is $38/oz.
The next support levels in platinum – $943-922, resistance levels – $955-990.
Palladium prices after declining to $973 has grown to a level of $980. The stock market’s weakness and overbought have a negative impact on prices.
The next support levels in palladium – $973-939, resistance levels – $989-1020.
Oksana Lukicheva
Analyst of commodity markets,
“Opening Broker”