The rate of gold will remain under pressure until the fed meeting
Today the precious metals markets grow in connection with the weakening of the U.S. dollar and a slight decrease in the yields of Treasury bonds. The geopolitical situation remains difficult, despite easing trade disputes between China and the United States. Yesterday’s speech of fed officials differed concern about the level of inflation in the country and overly aggressive interest rate hike, which supported the precious metals markets. Stocks in gold, silver and palladium ETF funds has declined, the inventory of the platinum ETF-funds has not changed.
Prices on precious metals in Shanghai SGE has grown, the trading volume decreased. The Renminbi to U.S. dollar weakened.
According to the Central Bank of the Russian Federation, gold reserves in international reserves in April 2018 rose 18.7 t and make up 17.7% of the total reserves. From the beginning of 2018, the Bank purchased the 71.5 tons of gold, the gold reserves of Russia grew up to 1910, etc
The price of gold under selling pressure tested the level of $1281,2, after which the market grew to $1294. Most likely, before the June FOMC meeting, the gold market will remain under pressure.
The nearest support levels in gold are $1277-1269, resistance levels – $1294-1320.
Silver prices in correlation with the market of gold decreased to $16,29 and recovered to the level of $16,60. The ratio of gold to silver is 78,25 points. The ratio of platinum to silver is 54.71 points.
The next support levels in silver – $16,30-15,80, resistance levels – $16,73-of 16.83.
The price of platinum in correlation with the dynamics of the market of gold decreased to $878, and then recovered to a level of $909. The spread between gold and platinum is $396/oz. The spread between platinum and palladium has widened to $93,5/oz.
The next support levels in platinum – $878-832, the resistance levels of $915-935.
The palladium price in correlation with the other metals decreased to $958, and then recovered to $998, based on the growth of the US stock market.
The next support levels in palladium – $958-936, resistance levels – $1002-1021.
Analyst of commodity markets,