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Chinese Interest Rate News Fails to Propel Gold

Chinese Interest Rate News Fails to Propel Gold
Category: Market Reports
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Posted: 04-20-2015 10:55:00 AM

Find out how China's interest rate is impacting United States gold in ModernCoinMart's (MCM) market report this week.

Despite the largest cut in Chinese interest rates since 2008, the 1.00 percent reduction in reserve requirements failed to propel gold through resistance above $1,210.00. This morning finds pressure on our market coming from U.S. equities recouping much of Friday’s big loss and another speech by New York Fed President Dudley in which he reiterated his stance that he hopes the FOMC will begin raising rates later this year.

Despite the debt situation in Greece continuing to worsen there were surprisingly few headlines over the weekend as the prospect for Greece leaving the Euro-zone continues to increase. As the technical picture in our market continues to dominate gold and silver have quickly moved from testing resistance to looking for support levels to hold as gold is back to the mid $1,190.00s and silver has fallen below $16.00. Platinum and palladium are on the ropes this morning as both have fallen below their 10-, 50- and 100-day averages.

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About The Author

Roy Friedman

This editorial has been prepared by Roy Friedman of Dillon Gage Metals. This document is for information and thought-provoking purposes only and does not purport to predict or forecast actual results. It is not, and should not be regarded as investment advice or as a recommendation regarding any particular security, commodity or course of action. Opinions expressed herein are current opinions as of the date appearing in this editorial only and are subject to change without notice. Reasonable people may disagree about the opinions expressed herein. In the event any of the assumptions used herein do not prove to be true, results are likely to vary substantially. All investments entail risks. There is no guarantee that investment strategies will achieve the desired results under all market conditions and each investor should evaluate its ability to invest for a long term especially during periods of a market downturn. No part of this editorial may be reproduced in any manner, in whole or in part, without the prior written permission of Dillon Gage Metals. This information is provided with the understanding that with respect to the opinions provided herein, that you will make your own independent decision with respect to any course of action in connection herewith and as to whether such course of action is appropriate or proper based on your own judgment, and that you are capable of understanding and assessing the merits of a course of action. You may not rely on the statements contained herein. Dillon Gage Metals shall not have any liability for any damages of any kind whatsoever relating to this editorial. You should consult your advisors with respect to these areas. By posting this editorial, you acknowledge, understand and accept the foregoing.

This editorial is republished by MCM with permission from Dillon Gage Metals. It is not intended, nor should it be taken, as investment advice. No warranty as to the accuracy or validity of comments made within this editorial is expressed or implied by MCM or its staff. No part of this editorial may be reproduced in any manner, in whole or in part, without the prior written permission of Dillon Gage Metals.

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