Gold traded down into settlement ending midway between the high and low for the session. The yellow metal is currently trading below its 5, 20 and 50 day moving averages indicating a short term bearish pattern but still above the 100 and 200 day moving averages.
The other metals are similarly down at midday. May silver futures settled down to $16.536 a troy ounce, April platinum futures dropped to $962.90 a troy ounce, May copper futures settled down to $3.1240 per pound, and June Palladium futures fell to $967.65 a troy ounce.
For April gold, we see near term resistance at $1,325.43 with longer term resistance at $1,330.07. With near term support at $1,315.73, and showing longer term support at $1,310.67.
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Bullion on Bullion.
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Michael Bullion, CAIA
Senior Technical Analyst
Walsh Trading, Inc.
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.