Make Kitco Your Homepage

Walsh’s Lusk: Gold Could Face Profit-Taking Prior To End Of Month

Kitco News

Profit-taking could emerge in gold futures during the latter part of next week, says Sean Lusk, director of commercial hedging with Walsh Trading. He comments that the near-term trend appears higher, with the metal above key moving averages. “I look for us to move higher early in the week, but coming into month-end, you’re probably going to see some profit-taking,” he says. As of 10:49 a.m. EST, Comex December gold was down $4 to $1,288.20 an ounce.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Commerzbank: Oct. Chinese Silver, Palladium Imports Up From Year Ago

Friday November 24, 2017 07:58

Chinese customs data show the country imported more silver and palladium last month than in October 2016, but less platinum, points out Commerzbank. Chinese silver imports of 360 tonnes were a year-on-year rise of 2.3%. “After 10 months, Chinese silver imports totaled 3,490 tonnes, not only putting them 34% up on the same level last year but actually exceeding the figure for the whole of last year,” Commerzbank says. “This points to high Chinese demand for silver for industrial applications.” Chinese palladium imports rose 60% year-on-year to 2.3 tonnes in October, although at 17.2 tonnes over the first 10 months of the year, they are 6% behind the same period last year. “That said, after getting off to a weak start to the year, they have been catching up every month since,” Commerzbank says. “This is probably due in part to the better car-sales figures again in China.” Meanwhile, platinum imports in October fell 14% year-on-year to 5.9 tonnes, although they were nearly 11% higher 10 months into 2017 at 64.2 tonnes. “The lead on last year has been dwindling since mid-year, however, which points to subdued jewelry demand in China,” Commerzbank says.

By Allen Sykora of Kitco News; asykora@kitco.com

 

MKS’s Nabavi: Gold Eases On Muted Interest Over Holiday Weekend

Friday November 24, 2017 07:58

Gold is probably softer early Friday – despite a weaker U.S. dollar against the euro – on a simple “lack of interest” during the long U.S. Thanksgiving holiday weekend, says Afshin Nabavi, head of trading at trading house MKS (Switzerland) S.A. Trading in the U.S. resumes Friday but is expected to be light, with many market participants taking the day off for an extra long weekend. As of 7:51 a.m. EDT, Comex December gold was down $4.40 to $1,287.80 an ounce, even though it often follows the euro, which was higher against the dollar. “It’s just lack of interest. The Europeans are in, but there isn’t much liquidity,” Nabavi says. “The Americans are pretty much out of the market….It will be interesting to see what happens on Monday when everybody is back.”

By Allen Sykora of Kitco News; asykora@kitco.com

 

FXTM: Continued Soft U.S. Inflation Would Boost Gold

Friday November 24, 2017 07:58

Gold, while softer early Friday, could get a lift from ideas that U.S. inflation will remain subdued, thereby meaning less aggressive monetary tightening by the Federal Reserve, says Lukman Otunuga, research analyst at FXTM. “With concerns over prolonged periods of low inflation weighing on the prospects of higher U.S. rates beyond 2018, the zero-yielding metal could receive a boost,” the analyst says. Technically, gold prices are trading above the 50-day moving average. Also, with a form of technical analysis known as moving average convergence/divergence, gold prices have “crossed to the upside,” the analyst says. “Previous resistance at $1,289 could transform into a support that encourages a further incline towards $1,300,” Otunuga says. “Alternatively, a failure for bulls to keep above $1,289 should open a path back towards $1,280.”

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.