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 Market Analyst - Asia Pacific
With more than 30 years of FX experience – from spot/margin trading and NDFs through to currency options and futures – Jeffrey Halley is OANDA’s senior market analyst for Asia Pacific, responsible for providing timely and relevant macro analysis covering a wide range of asset classes. He has previously worked with leading institutions such as Saxo Capital Markets, DynexCorp Currency Portfolio Management, IG, IFX, Fimat Internationale Banque, HSBC and Barclays. A highly sought-after analyst, Jeffrey has appeared on a wide range of global news channels including Bloomberg, BBC, Reuters, CNBC, MSN, Sky TV, Channel News Asia and the New York Times. He was born in New Zealand and holds an MBA from the Cass Business School.
Jeffrey Halley
Jeffrey Halley

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