Gold is the New Green

Michael Bullion Currencies, Precious Metals Leave a Comment

Gold continues its recent advances settling in the green to start the week posting new monthly highs at the same time.  Geopolitical tensions and a weakened dollar remain the main reasons for price support for the yellow metal.  The USD slid this morning to a one month low despite easing tensions with China over tariffs.  Gold keeps its momentum going as it is still trading above its 5, 10, 20, 50, 100 and 200 day moving averages.

April gold settled up to $1,355.00 a troy ounce with other metals settling mixed for the session.  May silver futures settled up to $16.684 a troy ounce, April platinum futures rose to $950.40 a troy ounce, May copper futures settled down to $2.9700 per pound, and June Palladium futures dropped to $966.85 a troy ounce.

For April gold, we see near term resistance at $1,356.33 with longer term resistance at $1,357.67.  With near term support at $1,348.53, and showing longer term support at $1,342.07.

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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.

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