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Precious Metals Start Week Steady

Precious Metals Start Week Steady
Category: Market Reports
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Posted: 05-04-2015 01:57:00 PM

Today is a holiday in much of Europe, and as often happens, the decrease in liquidity brings volatility to our market.

Precious metals began the week yesterday on a steady note with a bit of physical demand throughout the Asia Pacific region. This was followed by another weak economic report from China as their Manufacturing Index came in lower than expected, setting the stage for further stimulus action from their Central Bank which brought about more buying. Today is a holiday in much of Europe, and as often happens, the decrease in liquidity brings volatility to our market.

Prices spiked up in early U.S. trading as speculative short covering was reported in the OTC market while buy stops on the futures exchange were elected above $1,185.00 and $16.50. As the recent trading ranges continue after the lower end held late last week, we still have a market that is looking for a directional leader. As gold has failed to provide that leadership, I would expect silver to give it a try this week. The week begins with support in gold at $1,175.00 and $1,165.00 while resistance stands at $1,192.00 and $1,210.00. Silver support stands at $16.35 and $16.15 while resistance can be expected at $16.75 and $17.00.
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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.

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