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Old 16-08-2018, 01:46 PM
daniel6886 daniel6886 is offline
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Default PM pounded by USD Dominance

Kitco News) - Gold , silver, platinum and palladium prices were hammered lower Tuesday by a surging U.S. dollar on the foreign exchange market. Gold scored a nearly 1.5-year low, silver a two-year low, platinum a 14-year low and palladium a 13-month low. The U.S. dollar index hit a 14-month high today on worries about a global currency market crisis developing. December gold futures were last down $17.50 an ounce at $1,183.30. September Comex silver was last down $0.633 at $14.42 an ounce.

U.S. stock indexes were also sharply lower today, on keener risk aversion in the marketplace.

U.S.-Turkey relations have further deteriorated as Turkey has slapped economic sanctions on the U.S. While the Turkish lira stabilized at mid-week, other secondary currencies are still very wobbly and traders/investors worldwide are still jittery that a secondary currency contagion could develop as the U.S. dollar continues to appreciate against most world currencies. Gold and silver bulls remain stymied their safe-haven metals can’t get a bid due to the risk aversion in the world marketplace at present. Still, it would be hard for me to fathom a significant escalation in the currency market turmoil not having a bullish impact on safe-haven gold and silver.

The other key outside market today finds Nymex crude oil prices sharply lower and trading just below $64.00 a barrel. Oil prices hit a seven-week low today, and if oil continues to slide it would be a serious bearish element for the raw commodity sector, including the metals.

Technically, gold bears have the solid overall near-term technical advantage amid a price downtrend on the daily bar chart. Gold bulls' next upside near-term price breakout objective is to produce a close in December futures above solid resistance at this week’s high of $1,221.40. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,150.00. First resistance is seen at $1,190.00 and then at $1,200.00. First support is seen at today’s low of $1,182.60 and then at $1,175.00. Wyckoff's Market Rating: 1.0

September silver futures bears have the solid overall near-term technical advantage. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $15.50 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $14.00. First resistance is seen at $14.75 and then at $15.00. Next support is seen at today’s low of $14.345 and then at $14.25. Wyckoff's Market Rating: 1.0.

By Jim Wyckoff
For Kitco News
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Old 06-09-2018, 01:37 PM
cherub cherub is offline
Senior Member
Join Date: Oct 2012
Posts: 169

yeah man. funny, when gold prices were expensive, people keep buying silver and gold.

now gold and silver on sales, people not buying! haha
full time investor now. im happy as long as profits above $8400 per mth.
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