Gold, Silver And Copper - next weekly outlook

Gold, Silver And Copper – next weekly outlook


Gold prices ended the trading session on Friday at the lowest price in almost five weeks, as global stock markets rose to trade near all-time highs, weakening the appeal of the precious metal.

On the Comex division of the New York Mercantile Exchange, gold futures fell in June to deliver the lowest price during the day of $ 1,174.10 per ounce, a level not recorded by gold since March 20 before ending the session at $ 1,175.00 per ounce, down by 19 0.30 cents, or equivalent to 1.62%.

During the week, gold prices fell 29.40 cents, or equivalent to 2.34%, the second weekly loss in a row and the biggest decline in seven weeks.

And was likely to find support gold at $ 1,168.70 per ounce, the lowest price in the period since 20 March and resistance at $ 1,203.70 per ounce the highest price since April 21 .

Also in the Comex, May delivery to end the trading session on Friday at $ 15.63 per ounce tumbling. 19.3 cents, or equivalent to 1.22%. Earlier in the day, silver recorded the lowest level of $ 15.55 per ounce, the lowest price since March 18

For the week, silver fell 63.9 cents, or equivalent to 3.65%, which is the fourth weekly decline in a row.

And increased equity markets all over the world to new highs during trading on Friday, supported by the results of upbeat corporate earnings.

In the United States, the Nasdaq composite index rose 30. trading above the record level achieved in March 2000 , while 30,500 Nikkei index rose close to its highest level in 15 years.

Elsewhere in the COMEX, copper May delivery rose 5.4 cents, or the equivalent of 2.0%, on Friday to settle at $ 2.748 a pound, amid bets that decision-makers in China may be forced to take further monetary stimulus to get the economy moving action center decline in the growth rate.

Despite the gains on Friday, copper prices fell 6.6 cents, or equivalent to 0.94%, during the week.

Fell Red metal prices of $ 2,647 per pound on Thursday, the lowest level since March 20 , after data showed that the HSBC index Holdings (LSE: HSBA) fell to 49.2 in April / May of the final reading for the month March amounting to 49.6, shrinking for the third month in a row.

Asian nation is the largest consumer of copper in the world, accounting for almost 40% of global consumption last year.

At the same time, the dollar index, which measures the strength of the dollar against a basket of six major currencies, was up 0.37% on Friday to close at 97.07, its lowest level April 6 since.

The index ended the week down by 0.62%, the second weekly decline in a row, which led to delay the expectations of investors to raise interest rates in the United States after a series of recent economic data disappointing that led to the decline in optimism about the economic recovery.

This week, investors in the market is focused on the end of the monetary policy of the Fed’s two-day visit to Wednesday’s meeting, and that can provide indications about the timing of the start raising interest rates.

As investors awaited the release of data on the brigades growth figures in the United States in search of other indicators on the strength of the economy in the first quarter.

You must be logged into post a comment.