Kaloti Precious Metals-Morning Market Report-Monday, February 27, 2017
February 27, 2017 12:30:01 AM
Gold gained 1.55% and is butting up against the 200-day moving average now.
By Anil Mathews
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OTC Trading Range For | All Times Are | As Per Dubai |
| Date | 27/02/2017 |
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24/02/2017 |
| Gold | Silver |
| Platinum | Palladium |
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Open At 03.00 |
| $1,249.48 | $18.18 |
| $1,009.93 | $773.02 |
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High Bid |
| $1,260.23 | $18.41 |
| $1,029.75 | $785.58 |
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Low Offer |
| $1,247.86 | $18.14 |
| $1,008.08 | $769.88 |
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Close At 02.00 |
| $1,257.19 | $18.37 |
| $1,027.50 | $771.48 |
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Previous Close |
| $1,249.56 | $18.18 |
| $1,009.61 | $774.35 |
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Daily Change USD | $7.63 | $0.19 |
| $17.89 | ($2.87) |
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Daily Change % |
| 0.61% | 1.03% |
| 1.74% | -0.37% |
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London Fixings | AM | $1,255.35 | ** |
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| $1,015.00 | $779.00 |
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| PM | $1,253.56 | $18.27 |
| $1,027.00 | $786.00 |
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COMEX Trading Volume | 220127 | 59071 |
| 17365 | 3973 |
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Active Month Settlement | $1,258.30 | $18.40 |
| $1,028.70 | $771.65 |
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Previous Session |
| $1,251.40 | $18.18 |
| $1,011.90 | $773.30 |
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Daily Change |
| $6.90 | $0.22 |
| $16.80 | ($1.65) |
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EFP's |
| 1.4/1.7 | 4/7 |
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| 0/2 | 0/1 |
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Forwards & Options | 1 Month | 3 months |
| 6 months | 12 months |
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GOFO |
| - | - |
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| - | - |
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USD LIBOR |
| 0.78056 | 1.054 |
| 1.36072 | 0.00000 |
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Gold ATM Vols |
| 12.090 | 14.060 |
| 15 | 16.2 |
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Silver ATM Vols |
| 20.33 | 21.84 |
| 23.39 | 25.08 |
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Platinum ATM Vols | 18.200 | 17.900 |
| 18.250 | 18.450 |
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Market Daily & Weekly
Market Snap Shot |
| 24/02/2017 |
| 1 Day% | 1 Week % |
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XAU |
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| $1,257.19 |
| 0.61 | 1.80 |
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XAG |
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| $18.37 |
| 1.03 | 2.07 |
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XPT |
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| $1,027.50 |
| 1.74 | 2.35 |
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XPD |
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| $771.48 |
| -0.37 | -0.79 |
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Euro |
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| 1.0563 |
| -0.18 | -0.50 |
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Note: Indications only, open and closing prices are bids; Data source: Bloomberg; Times as per Dubai
Fundamentals and News
Continued strength in Precious Metals
We saw some volatility come into stocks this past week after the slow solid grin higher we’ve been enjoying since early November. I do not think this is a top, rather, a little shakeout, or shake and bake. Volatility comes on the upside and downside. Consequently, we should see some more explosive moves to the upside after this little correction, if you can call it that.
The metals continue to show strength even while some miners were flashing weakness mid-week, which had me a bit worried. Nonetheless, gold continues to act great.
Let’s take a quick look at the precious metals charts.
Gold gained 1.55% and is butting up against the 200-day moving average now. Solid action is seen on this gold chart which points to continued strength up to the $1,310 area, where we should see a bit of a longer rest.
Silver moved higher by 2.09% and looks good for more upside. Resistance above sits at $18.75…then $19 and we’re getting there in a hurry. All good for now on this silver chart which continues to lead the gold chart.
Platinum rallied 2.26% as it breaks out towards $1,080. This long base under $1,020 has lasted since October and is finally starting to see a breakout. Furthermore, I like the strong volume that came in Thursday and Friday to get this breakout going
Palladium was the sole loser this past week falling 0.97%. However, it does look fine and ready to breakout above $795 this coming week.
To be sure, metals continue to act great while the equity markets seem to be giving us a rare quick dip buying opportunity…at least for now
Data Forthcoming Releases
Time | Country | Today's Events | Forecast | Previous | Actual |
5:30pm | USD | Core Durable Goods Orders | 0.005 | 0.005 |
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| *Dubai Time |
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Courtesy: http://kalotipm.com.sg/kaloti-market-report-27th-february-2017
Scrap Metal Prices
| Copper Scrap | |
| Alternator | 0.39 (0) |
| #1 Copper Bare Bright | 4.12 (0.02) |
| Aluminum Scrap | |
| 356 Aluminum Wheels (Clean) | 0.80 (0) |
| 6061 Extrusions | 0.70 (0) |
| Steel Scrap | |
| #1 Bundle | 370.00 (0) |
| #1 Busheling | 390.00 (0) |
| Electronics Scrap | |
