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Research

Disclaimer: All information on this section is of a general nature.
Before making any investment decision, you should consult your adviser.

Daily Resources Overview

 

Goldprices are solidly higher, near the daily high and hit a two-week high inearly-afternoon U.S. trading Wednesday. Chart-based buying and bargain hunting arefeatured this week. A weaker U.S. dollar index on this day is also working in favourof the metals market bulls. The other key outside market today is also in abullish posture for the metals and sees Nymex crude oil prices higher, hittinga four-month high and trading just above $58.00 a barrel. Another mild U.S.inflation report today was also bullish for the precious metals markets. April gold futures were last up $11.50 an ounce at$1,309.60. May Comex silver was last up $0.057 at $15.47 an ounce.

TheU.S. economic data point of the day was the producer price index report forFebruary, which came in at up 0.1% from January. The PPI was seen up 0.2%month-on-month. Tuesday’s U.S. consumer price index report was also very tameand did help to lift U.S. Treasury prices. Gold and silver prices werelittle-moved on the PPI report. Still, this week’s U.S. inflation reports workin favour of the metals bulls as they suggest the Federal Reserve can keep aneasier monetary policy.

Asianand European stock markets were mixed overnight. U.S. stock indexes are higherin afternoon dealings. There are still no major geopolitical hotspots to roilthe marketplace and dent the keener trader and investor risk appetite.

Technically, the April gold bulls have the overall near-termtechnical advantage. Bulls’ next upsideprice objective is to produce a close in April futures above solid resistance at$1,330/oz. Bears' next near-term downside price breakout objective ispushing prices below solid technical support at the March low of $1,290/oz.


 
14/03/2019 9:00:00 AM

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