Make Kitco Your Homepage

Metals drop on peace talk headlines

Commentaries & Views

Peace talks are being positioned as the reason for the drop in metals this morning. From a technical perspective, should the $1,915 - $1,925 level act as resistance, the probability is that the $1,875 level will be tested.

Platinum is an example of what may occur, having lost the $1,000 mark, which turned into resistance. The metal trades at $970 this morning.

Investors looking to add to positions in physical metals and speculators looking for a swing trade may soon have the opportunity to buy into heavily oversold conditions should the above-described scenario manifest in gold.

Stocks, on the other hand, continue their ascent, with US index futures pointing to a greater than 0.5% open. However, more significant resistance may be coming up. As an example, this trader would anticipate a grind in Nasdaq futures somewhere between its current level and 15,275 before a buyable dip. Of course, FOMO to all-time highs could take indices up in a straight line at this point...

Thanks and have a nice day,

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.