APAC Corner: Precious Metals Constructive

Gold opens exactly mid-range in Asia this morning at 1250 an ounce, with key support and resistance at 1240 and  1260 respectively. Of the two, the 1240 support is looking perhaps the more vulnerable after Friday’s anaemic Eurozone Flash CPI number came in at a lower 1.5%.

 

Silver is looking far more constructive, holding comfortably last week above its 200-day moving average at 18.1000 and a break of 18.3000 setting up a run at the March highs around 18.5000.

 

Both metals should trade with a slight upward bias this morning following President Trump’s remarks about “going it alone” against North Korea if need be. His meeting with President Xi this week should make for interesting reading before we roll into the main events, the FOMC meeting minutes on Thursday and the Non-Farm Payrolls on Friday.

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Jeffrey Halley

Jeffrey Halley

Senior Currency Analyst
Based in Singapore, Jeffrey has over 25 years experience in the financial markets, having traded currencies, options, precious metals and futures. Jeffrey started his career at Barclays Bank in New Zealand. However he has spent most of it in London and Asia.Jeffrey focuses on the Asia time zone across asset classes. A regular commentator on business news TV and Radio, he is originally from New Zealand and holds an MBA from Cass Business School, London.
Jeffrey Halley

Latest posts by Jeffrey Halley (see all)