Gold retreated today in a continuation from Tuesday, falling from monthly highs seen on Monday. Markets seem to be getting more comfortable with trade negotiations and geopolitical risks as Trump has been willing to negotiate with individual countries, and there are even inklings that North Korea may be amenable to denuclearization. This is turn strengthened the US dollar and further reduced safe haven demand for the yellow metal.
June gold settled down to $1,330.00 a troy ounce with other metals settling down for the session with the exception of Copper. May silver futures settled down to $16.253 a troy ounce, July platinum futures fell to $940.80 a troy ounce, May copper futures settled up to $3.0020 per pound, and June Palladium futures fell to $963.20 a troy ounce.
For June gold, we see near term resistance at $1,342.43 with longer term resistance at $1,354.87. With near term support at $1,327.33, and showing longer term support at $1,324.67.
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Michael Bullion, CAIA
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RISK DISCLOSURE: THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES AND OPTIONS TRADING. THIS REPORT IS A SOLICITATION FOR ENTERING A DERIVATIVES TRANSACTION AND ALL TRANSACTIONS INCLUDE A SUBSTANTIAL RISK OF LOSS. THE USE OF A STOP-LOSS ORDER MAY NOT NECESSARILY LIMIT YOUR LOSS TO THE INTENDED AMOUNT. WHILE CURRENT EVENTS, MARKET ANNOUNCEMENTS AND SEASONAL FACTORS ARE TYPICALLY BUILT INTO FUTURES PRICES, A MOVEMENT IN THE CASH MARKET WOULD NOT NECESSARILY MOVE IN TANDEM WITH THE RELATED FUTURES AND OPTIONS CONTRACTS.