Precious metals were hit this week from all sides as U.S. dollar strength combined with another round of tapering to force short-term investors to hit the sell key. After opening the week near the highs, the metals managed a bounce on Wednesday only to be hit hard Thursday. The oversold bounce at $1,240 was also met with forceful selling at $1,250-$1,255.
Gold Chart 2014
Gold futures closed the week near the unchanged level while platinum, palladium and silver finished the week negative. Gold was poised for a small breakout above the $1267 level, but was shot down on Friday after emerging market currencies fell hard causing the U.S. dollar to appreciate and gold to move lower. Additional sell pressure can be attributed to the U.S. Federal Reserve meeting next week where there is a strong potential ...
Precious metals remained range bound this week with few disturbances from economic headlines. Platinum led the precious metals higher finishing the week up 1.3%; gold was the weakest performer yet finished slightly positive up 0.4%. Year to date performance has been on par with our January Market Intelligence – the combination precious and industrial metals (platinum, palladium, silver), as we like to call them, have been the outperformers and we expect to see ...
The precious metals markets pushed higher on Friday thanks to lacklustre U.S. non-farm payrolls. Overall, the metals are positive for the year, but remain range bound in the grand scheme of things. A close above $1,250 in gold and $20.50 in silver would break the shorter-term downtrend and could definitely trigger a new wave of short term buying.
Silver Support Points: $19.90, $19.65, $19.40
Silver Resistance Points: $20.40, $20.50, $20.75
Silver Chart
VC Market Intelligence is a monthly infographic from Visual Capitalist that summarizes changes in economic indicators, relevant news stories, commodity and financial trends, and provides technical analysis. The goal is to make this information intuitive and visual to the average investor.
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The precious metals began 2014 in the right direction up near highs of the week. Gold suffered its worst year since 1981, but demand for physical gold has noticeably increased recently. Physical gold premiums for immediate delivery in China were $20 an ounce this week while the average in late 2013 was $15 per ounce. Other developing nations such as Turkey had imports increase by as much as 64% in December.
Gold support ...
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