Gold Higher On Weak Dollar While Palladium Hits All Time High

Michael Bullion Precious Metals Leave a Comment

Gold Higher On Weak Dollar While Palladium Hits All Time High.

Gold settled higher Friday finishing the week in positive territory for the fifth week in a row.  The U.S. dollar continues to be the main source of support for the metal as the dollar’s fall also pushed the euro to a three year high.  Inflation data came out this morning in line with projections, however, the Core Inflation number was slightly higher than expected, a potential sign of increasing inflation further supporting Gold as an inflation hedge.  With the Martin Luther King Jr. holiday and limited economics releases next week, it is projected to be a quiet week.

March silver futures settled up to $16.995 a troy ounce, April platinum futures rose to $996.20 a troy ounce, while March copper futures settled down to $3.2185 per pound.  March Palladium futures had quite a day finishing at an all time high of $1,105.35 a troy ounce, as supply is expected to continue to tighten.

For February gold, an open in the next session above the pivot of $1,329.80 would show near term resistance at $1,338.90 while a breakout above this level would see longer term resistance at $1,342.80. An open below the pivot would have near term support down at $1,325.90, and a sell off below this would show longer term support at $1,316.40.

Bullion on Bullion.

** Call me for a complimentary consultation on any of your future and futures needs **

Join My Mailing List

Michael Bullion, CAIA

Senior Technical Analyst

Walsh Trading, Inc.

Direct: 312.985.0156

             888.391.7894

Fax: 312.256.0109

mbullion@walshtrading.com

www.walshtrading.com

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.

Leave a Reply

Your email address will not be published. Required fields are marked *