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Kaloti Precious Metals-Morning Market Report-Monday, February 27, 2017

iconFeb 27, 2017 18:10
We saw some volatility come into stocks this past week after the slow solid grin higher we’ve been enjoying since early November.

By Anil Mathews
February 27, 2017 12:30:01 AM

 

 

 

 

 

 

 

 

 

 

OTC Trading Range For

All Times Are

As Per Dubai

 

Date

27/02/2017

 

24/02/2017

 

Gold

Silver

 

Platinum

Palladium

 

Open At 03.00

 

$1,249.48

$18.18

 

$1,009.93

$773.02

 

High Bid

 

$1,260.23

$18.41

 

$1,029.75

$785.58

 

Low Offer

 

$1,247.86

$18.14

 

$1,008.08

$769.88

 

Close At 02.00

 

$1,257.19

$18.37

 

$1,027.50

$771.48

 

Previous Close

 

$1,249.56

$18.18

 

$1,009.61

$774.35

 

Daily Change USD

$7.63

$0.19

 

$17.89

($2.87)

 

 

 

 

 

 

 

 

 

 

 

Daily Change %

 

0.61%

1.03%

 

1.74%

-0.37%

 

London Fixings

AM

$1,255.35

**

 

 

$1,015.00

$779.00

 

 

PM

$1,253.56

$18.27

 

$1,027.00

$786.00

 

COMEX Trading Volume

220127

59071

 

17365

3973

 

Active Month Settlement

$1,258.30

$18.40

 

$1,028.70

$771.65

 

Previous Session

 

$1,251.40

$18.18

 

$1,011.90

$773.30

 

Daily Change

 

$6.90

$0.22

 

$16.80

($1.65)

 

 

 

 

 

 

 

 

 

 

 

EFP's

 

1.4/1.7

4/7

 

 

0/2

0/1

 

Forwards & Options

1 Month

3 months

 

6 months

12 months

 

GOFO

 

-

-

 

 

-

-

 

USD LIBOR

 

0.78056

1.054

 

1.36072

0.00000

 

Gold ATM Vols

 

12.090

14.060

 

15

16.2

 

Silver ATM Vols

 

20.33

21.84

 

23.39

25.08

 

Platinum ATM Vols

18.200

17.900

 

18.250

18.450

 

Market Daily & Weekly

Market Snap Shot

 

24/02/2017

 

1 Day%

1 Week %

 

XAU

 

 

$1,257.19

 

0.61

1.80

 

XAG

 

 

$18.37

 

1.03

2.07

 

XPT

 

 

$1,027.50

 

1.74

2.35

 

XPD

 

 

$771.48

 

-0.37

-0.79

 

Euro

 

 

1.0563

 

-0.18

-0.50

 

Note: Indications only, open and closing prices are bids; Data source: Bloomberg; Times as per Dubai

Fundamentals and News

Continued strength in Precious Metals

We saw some volatility come into stocks this past week after the slow solid grin higher we’ve been enjoying since early November. I do not think this is a top, rather, a little shakeout, or shake and bake. Volatility comes on the upside and downside. Consequently, we should see some more explosive moves to the upside after this little correction, if you can call it that.

The metals continue to show strength even while some miners were flashing weakness mid-week, which had me a bit worried. Nonetheless, gold continues to act great.

Let’s take a quick look at the precious metals charts.

Gold gained 1.55% and is butting up against the 200-day moving average now. Solid action is seen on this gold chart which points to continued strength up to the $1,310 area, where we should see a bit of a longer rest.

Silver moved higher by 2.09% and looks good for more upside. Resistance above sits at $18.75…then $19 and we’re getting there in a hurry. All good for now on this silver chart which continues to lead the gold chart.

Platinum rallied 2.26% as it breaks out towards $1,080. This long base under $1,020 has lasted since October and is finally starting to see a breakout. Furthermore, I like the strong volume that came in Thursday and Friday to get this breakout going

Palladium was the sole loser this past week falling 0.97%. However, it does look fine and ready to breakout above $795 this coming week.

To be sure, metals continue to act great while the equity markets seem to be giving us a rare quick dip buying opportunity…at least for now

 

Data Forthcoming Releases

Time

Country

Today's Events

Forecast

Previous

Actual

5:30pm

USD

Core Durable Goods Orders

0.005

0.005

 

 

 

 

 

*Dubai Time

 

Courtesy: http://kalotipm.com.sg/kaloti-market-report-27th-february-2017

 

precious metals
gold prices
US dollar

For queries, please contact Michael Jiang at michaeljiang@smm.cn

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