Gold hit highs for the week today ending in the green, having a weekly intraday high today at $1,350 and a weekly intraday low seen Tuesday at $1,306. Today also marked a monthly high for the yellow metal. Quite a move after the FOMC meeting raised interest rates on Wednesday, but this was mostly priced in to the market already. This uptrend has more to do with trade wars and global instability lending to the safe haven aspect of the asset class. With geopolitical risk constantly at the forefront, don’t be surprised to see gold to keeping running further up.
April gold settled up at $1,349.90 a troy ounce with other metals settling mixed for the session. May silver futures settled up to $16.582 a troy ounce, April platinum futures fell to $948.40 a troy ounce, May copper futures settled down to $2.9930 per pound, and June Palladium futures dropped to $971.55 a troy ounce.
For April gold, we see near term resistance at $1,356.17 with longer term resistance at $1,362.43. With near term support at $1,336.27, and showing longer term support at $1,322.63.
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Bullion on Bullion.
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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.