empty
 
 
22.05.2020 04:48 PM
Precious metals found support

This image is no longer relevant

The precious metals market has experienced positive dynamics today against the backdrop of the conflict that is growing between the United States of America and China. Investors were under pressure and decided to turn to a safer sector which is the gold market. However, today's support, most likely, will not save the precious metal from falling in the weekly indicator. Recall that during the current week, gold was under serious pressure from positive statistics on the growth of key economic indicators, which in turn followed the lifting of quarantine measures related to the COVID-19 pandemic.

This morning, on the trading floors, the price of gold rose by 0.84% and reached the level of $ 1,736.45 per troy ounce. However, yesterday it closed with a loss of 1.4%, which, of course, has not yet been compensated for today. The metal support level was at $ 1,715.30 per troy ounce, and the resistance level was at $ 1,775.80, respectively.

Nevertheless, fundamental indicators continue to provide good support to gold. So, an increase in production activity began to be recorded in the European countries, as well as the US. Yesterday's PMI data were higher than the previous ones.

The tension between the world's largest economies, the United States and China, adds fuel to the fire. As the conflict escalates, the price of precious metals will increase, because market participants in such an uncertain situation will want to preserve their assets.

Other precious metals at today's auction so far showed multidirectional dynamics. Thus, silver futures for July delivery rose in price at Asian trading by 0.63%, which allowed the precious metal to gain a foothold at around 17.473 dollars per troy ounce. This is contrary to what happened in European trading which slowed down by 0.25% and began to cost 17.02 dollars per troy ounce.

Palladium also reduces its value by 1.91% and falls to the mark of 1 975.06 dollars per ounce.

The price of platinum creeps down 0.6%, which pushes it to the level of 827.41 dollars.

Copper futures for July delivery are also negative with value reduced to $ 2,377 per pound, indicating a decrease of 2.26%.

Maria Shablon,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback