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MKS: Gold Prices Slip On Long Liquidation

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Gold has eased on long liquidation, says Afshin Nabavi, head of trading at trading house MKS (Switzerland) SA. The slide occurred in response to moves in the foreign-exchange market and late-Friday strength in equities, he says. With a four-day trading week in many nations due to the approach of Good Friday, traders are putting on limited fresh positions, he says. “There seems to be liquidation going through,” Nabavi says. As of 9:11 a.m. EDT, spot gold was $6.30 lower to $1,283.50 an ounce.

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

 

TDS Constructive On Platinum But Offers Caution

Monday April 15, 2019 09:17

TD Securities says it’s upbeat about the longer-term outlook for platinum but says it may take more time before prices move meaningfully higher. Platinum is 10% higher for the year so far, with spot metal trading at $876.75 an ounce as of 8:39 a.m. EDT. The metal is softer early Monday but benefitted recently from a round of short covering, TDS says. “While we are constructive on platinum, particularly given its favorable long-term fundamentals and ultra-low valuation, we suspect the market will need to acquire more certainty that cyclical headwinds are in the rearview before prices can revert meaningfully higher,” TDS says. “As prices broke north of the $900/oz mark, discretionary shorts were also forced to cover, which has brought net length back to the historical range. However, with short positioning nearing multi-year lows, the absence of a marginal buyer could see prices revert lower in the near term.” 

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

 

BBH: Retail Sales To Be U.S. Economic Highlight This Week  

Monday April 15, 2019 09:17

Retail sales on Thursday will be the highlight of the U.S. economic calendar this week, says Brown Brothers Harriman. Headline sales are expected to rise 1% month-on-month, or increase 0.7% when excluding autos. “Recall that February sales data was very weak, and so consensus sees a nice little payback,” BBH says. Other reports include industrial production on Tuesday, the Federal Reserve’s Beige Book on Wednesday, jobless claims and the Philadelphia Fed manufacturing index Thursday and housing starts on Friday.

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