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
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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The precious metals had yet another tough week as positive economic news out of the U.S. combined with the U.S. Fed tapering $10 billion from its $85 billion QE program to push gold and silver towards lows of the year. While this has been a tough year for precious metals enthusiasts, investors must remember that precious metals are an investment, not a trade, and that the long-term fundamentals for precious metals and ...
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It was a seesaw week for the precious metals. Gold finished the week off on a positive note closing up $9.70 to settle at $1,234. Next week will be another volatile one as the Federal Reserve interest rate and tapering decisions will be on the forefront of traders’ screens. Platinum and palladium exhibited relative weakness this week; however, palladium is the only precious metal that is close to positive on the year.
Gold support ...
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It was a volatile week that ended on a negative note for the precious metals and finished the week down 1.7%. US Nonfarm Payroll data came in slightly higher than expected, which put further downside pressure on the metals; they did find support around Wednesday’s low. Trading volume will likely begin to slow down coming into the holiday season, which actually creates more volatility in the markets because there are less participants ...
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After pressing below the $1230 level, gold closed the week on a positive note finishing up at $1250. Platinum markets went opposite the gold and silver markets this week, moving down below $1380 and finishing the week down near $1360. A retest of the July low at $1300 looks quite likely in the near term. Overall, it was a weak month for gold and silver as USD strength in combination with the ...
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Gold had a tough week after a $30 down day on Wednesday on potential tapering headlines. From a technical perspective, the charts for the precious metals do not look great. A small rebound off $1260 was no match for the sell side and it seems like we will be seeing $1200 gold in the coming weeks. It is important for readers to remember there are two kinds of trades in gold: the ...
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