Gold and Platinum Settle Higher While Silver and Copper Settle Lower
Gold settled higher Thursday on continued weakness in the U.S. dollar. A Chinese official announced that the news yesterday on slowing U.S. Treasury purchases was unfounded, and supporting that statement, the 30 year treasury auction today saw large foreign demand pushing bond yields down. This continued Gold’s rise from yesterday even while equity markets soared higher. Jobless claims also came in higher than expected today showing some weakness in the economy helping Gold as the safe haven.
March silver futures fell slightly to $16.966 a troy ounce, April platinum futures rose to $990.80, while March copper futures settled down to $3.2330.
For February gold, an open in the next session above the pivot of $1,320.60 would show near term resistance at $1,325.20 while a breakout above this level would see longer term resistance at $1,327.80. An open below the pivot would have near term support down at $1,318.00, and a sell off below this would show longer term support at $1,313.40.
Bullion on Bullion.
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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.