- Posted in: Precious Metals Reports
In this Weekly Market Report for Precious Metals we see metals hit multi-month lows, with a slight rebound on Monday, October 11, 2016. Gold dropped 4.5% last week, touching a four-month low of $1,241 per ounce on Friday and breaking the support of $1,300.00. That triggered a wave of selling, but that trend changed on Monday. Chinese markets are returning from a week-long holiday. Chinese and Indian demand for gold may pick up in the coming weeks. Bargain hunters will also begin looking to gold for longer-term value-buying opportunities. Speaking to media after a speech in Sydney, Chicago Federal Reserve Bank President Charles Evans said on Tuesday he “could be fine” with raising U.S. interest rates in December, but he would prefer to see how the economy and inflation progressed before deciding. Evans said the U.S. economy was on a solid footing and last week’s payrolls report was a “pretty good number”, so a hike in December would not be a surprise. Crude oil prices are higher Monday and hovering just above $51.00.
Gold began the week at $1309.15 per ounce. By Tuesday it was down to $1269.40. On Thursday gold was down again, ending at $1254.50. Friday saw a slight increase to $1258.75. On Monday gold was up again to end at $1260.90. Some investors are saying that the gold and silver markets were oversold. Next resistance is at $1280.00 and support comes in at $1230.00. Buying may increase this week while prices are low.
Silver started the week at $18.74 and took a sharp downturn to end Tuesday at $17.80. By Friday gold was down to $17.33. Silver also got a boost on Monday, to end at $17.80. Bargain buying should also pick up for silver over the coming week. The next resistance is at $17.84 and the next support is at $17.50.
Platinum followed the same trend this week, starting out at $1007.00 and hitting $973.00 on Thursday. Friday saw a slight boost up to $975.00. Platinum saw bigger gains on Monday, ending at $967.00. As the U.S. dollar gained strength against a basket of other currencies precious metals have lost some ground.
Palladium began the week at $711.00 and was down to $667.00 on Thursday. Friday saw gains, to end at $674.00, however Monday it slipped back down to $667.00.
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