Gold fell on continued support for the U.S. dollar and a rally in the equity markets. The equity markets opened lower on tariff and Italian election fears but shook this off and rallied back into the afternoon. The U.S dollar had much the same experience starting lower and moving higher into afternoon trading. The yellow metal traded right around its 50 day moving average giving current support around 1320. With another major trend line support at 1307, a break below this level could signal the start of a cyclical downtrend which will then test the 200 day moving average at 1290.
The other metals fell in a similar fashion as gold as May silver futures settled down to $16.412 a troy ounce, April platinum futures dropped to $962.10 a troy ounce, May copper futures settled down to $3.128 per pound, and June Palladium futures fell to $977.50 a troy ounce.
Following are your April gold pivot points. For April gold, an open in the next session above the pivot of $1,323.10 would show near term resistance at $1,325.70 while a breakout above this level would see longer term resistance at $1,331.50. An open below the pivot would have near term support down at $1,317.30, and a sell off below this would show longer term support at $1,314.70.
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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.