Today, the precious metals markets show good growth after the results of the Fed meeting. The US dollar is weakening, the stock market is growing, bond yields have increased. The yesterday’s meeting made the Fed raise interest rates to 1.75-2.0%, adding that it adheres to the target of inflation of 2%.
The regulator is optimistic about the state of the us economy, although it expects a decline in growth rates in 2019, an increase in inflation due to high oil prices and is puzzled by low wage growth. Overall, monetary policy continues to tighten. 2018 is expected to bring an increase of rates in September and December. 2019 will see an increase of rates by three times, 2020 – once.
Today will host a meeting of the ECB, during which it may announce a plan to curtail the program to stimulate the economy. The Bank of Japan will also hold a meeting.
Reserves in silver and palladium ETFs witnessed a decrease. Reserves in other ETF funds of precious metals have not been changed. Gold and platinum prices on SGE in Shanghai decreased, the cost of silver rose, trading volumes increased. The rate of Yuan strengthened to the rate of us dollar.
According to the Istanbul stock exchange, Turkey imported 34 tons of gold in May 2018 – it is by 27% less than in may 2017, but by 32% more than in April. From January to May 2018, the import of yellow precious metals into the country amounted to 152 tons, which is by 19% more than in the same period in 2017. It is also worth noting that Turkey imported 370 tons of gold at the end of 2017. This is 3 times more than in 2016.
Gold prices went out of the narrow consolidation range of $ 1299-1304 per ounce and rose to the level of $ 1309 against the backdrop of rising inflation expectations. The nearest support levels in gold are $ 1297-1280, resistance levels are $1320-1340.
Silver prices in correlation with the gold market rose to the level of$ 17.16 per ounce, showing faster growth than the gold market. The ratio of gold to silver is 76.27 points. The ratio of platinum to silver is 52.98 points. The next support levels for silver are 16,81-16,66$, resistance levels are 16,95-17,20$.
Platinum prices in correlation with the gold market rose to the level of$908. The spread between gold and platinum is +400$/ounce. The spread between platinum and palladium is -110$/ounce. The next support levels for platinum are 894-832$, resistance levels are 910-935$.
Palladium prices fell to the level of 997$, and then recovered to the level of 1010$ in correlation with other markets of precious metals. The next support levels for palladium are 997-986$, resistance levels are 1017-1036$.