Metals trended lower today given the upcoming FOMC meeting, a rally in the stock markets and increase in the USD. All metals fared similarly down between 1/2 to 1%. Silver is getting down near a long term support, approaching $16, which could be a good entry point for bulls as the white metal has traded between $16-$17 since the beginning of February. However, I would not step in front of this trade just yet, signs are still bearish, so wait for some small support to enter, and certainly after the FOMC meeting, but get that dry powder ready. Gold is showing similar technicals and could track lower to the support at $1,300.
April gold fell to $1,311.90 a troy ounce, May silver futures settled down to $16.185 a troy ounce, April platinum futures fell to $945.00 a troy ounce, May copper futures settled down to $3.0380 per pound, and June Palladium futures dropped to $975.90 a troy ounce.
For April gold, we see near term resistance at $1,316.97 with longer term resistance at $1,322.03. With near term support at $1,307.97, and showing longer term support at $1,304.03.
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Bullion on Bullion.
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Michael Bullion, CAIA
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