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Precious Metals Review

Market information and news is critical for precious metal investing. However, many investors have limited time to sort through the massive amounts of market data and gold, silver and platinum news. The Monex Precious Metals Review consolidates the week's activities in a concise snapshot of the precious metal markets.

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PRECIOUS METALS REVIEW - March 17, 2017

In the precious metals markets this week . . .  

GOLD:
Monex spot gold prices opened the week at $1,203 . . . traded as high as $1,232 on Thursday and as low as $1,196 on Wednesday. . . and the Monex AM settlement price on Friday was $1,230, up $27 for the week.  Gold support is now anticipated at $1,222 then $1,206, and then $1,194. . . with resistance anticipated at $1,238, then $1,250, and then $1,278.

SILVER:
Monex spot silver prices opened the week at $16.97 . . . traded as high as $17.45 on Thursday and as low as $16.81 on Wednesday. . . and the Monex AM settlement price on Friday was $17.39, up $0.42 for the week.  Silver support is now anticipated at $17.14, then $17.80, and then $17.61. . . and resistance anticipated at $17.47, then $17.80, and then $18.11.

PLATINUM:
Monex spot platinum prices opened the week at $941. . . traded as high as $967 on Thursday and as low as $932 on Wednesday. . . and the Monex AM settlement price on Friday was $963, up $22 for the week.  Platinum support is now anticipated at $930, then $888, and then $840 . . . and resistance anticipated at $968, then $1,007, and then $1,040.

PALLADIUM:
Monex spot palladium prices opened the week at $747. . . traded as high as $780 on Friday and as low as $741 on Tuesday. . . and the Monex AM settlement price on Friday was $778, up $31 for the week.  Palladium support is now anticipated at $741, then $707, and then $683. . . and resistance anticipated at $784, then $798, and then $814.

QUOTES OF THE WEEK:

From Ira Iosebashvili and Samuya Vaishampayan in the 3/17 Wall Street Journal:  Dollar Falls After Fed Signals Restraint

''The dollar suffered broad losses Thursday, extending its retreat after the Federal Reserve signaled it would raise interest rates more slowly than some investors had come to expect.

The movement marked the lasted setback for investors who expected the dollar would rise this year as the Fed stepped up the pace of rate increases.  Wagering on a stronger dollar has become a popular trade on Wall Street even after a significant period of U.S. currency appreciation, reflecting in part the widespread investor expectation that the Trump administration will enact policies that boost U.S. growth and limit trade.  But when these expectations aren't fully met, sharp retreats can ensue.

Gold, Other Metals Rise as Dollar Slips

Gold prices closed at a two-week high on Thursday after the Federal Reserve meeting eased concerns that the central bank would raise rates more times this year than previously expected.  

Gold for April delivery settled up 2.2% at $1,227.10 a troy ounce on the Comex division of the New York Mercantile Exchange, posting its biggest one-day gain since June 24, the day after Britain voted to leave the European Union.''

. . . And from Luzi-Ann Javier in 3/16 bloomberg.com:  The Gold Party's Back on After Yellen Reassures the Market

''For the gold market, the Federal Reserve has gone from killjoy to life of the party.

The top three-most-actively traded gold options are bets on further price gains.  The price and volume on the option giving holders the right to buy bullion futures for April delivery at $1,250 an ounce more than doubled.  Futures had their steepest climb in eight months on Thursday.

The gold rally had faltered in March after two straight monthly gains amid concerns that the Fed would raise interest rates this year at a faster pace than it projected in December.  

''Three interest-rate hikes are already baked in the price, and this is our base case'' said Naeem Aslam, the chief market analyst at Think Markets U.K. Ltd. 'It may be foolish to stay on the short side when it comes to the precious metal.''

. . . And from Annie Pei in 3/17 cnbc.com:  Trader Looks to Triple His Money by Betting on Gold

''Gold continued its rally Friday, and Todd Gordon of TradingAnalysis.com believes its run isn't done.

The yellow metal has climbed more than 2 percent since the Federal Reserve's decision to hike its interest rate target on Wednesday.  While higher rates are technically bad for gold, the Fed appeared to be a bit more dovish than investors expected, leading the dollar to dip and thus gold to rise.

''We are looking for continued higher gold prices on the back of a pretty dovish Fed,'' Gordon said Thursday on CNBC's 'Trading Nation.''

. . . And from the 3/10 Aftershock Alert:   The Jobs Come Marching In!

''The monthly jobs report came out today and it was terrific!  We added 235,000 jobs in February.  In addition, the number of people who have dropped out of the workforce decreased by 736,000.  That's double good news.  More people are entering the workforce because they feel the job market is improving.

Construction and manufacturing both had solid gains.  The only big loser was retail jobs, which had the worst monthly decline in 4 years.  That likely reflects the poor performing retail sector.''  

Last update: Mar 17, 2017 01:16:19 PM

This is not a recommendation to buy or sell.