Morning Gold & Silver Market Report – 2/12/2014
GOLD HITS RESISTANCE AND STOCKS GIVE UP GAINS
The Gold price is hitting resistance in early morning trading. UBS said in a note, “Any attempt at the $1,300 psychological mark is likely to meet resistance and attract those who have been waiting for more attractive levels to close out longs or initiate shorts. Hints from the Fed Chairwoman yesterday, which were broadly in line with expectations, confirm that the status quo remains intact and as such, nothing has really changed for Gold from a macro perspective.”
U.S. stock futures are pointing toward a flat open for Wall Street as well. However, stocks have been rallying recently. Jim Reid, strategist at Deutsche Bank, explained that risk assets have “been on a roll during the past week, and it seems that memories of January’s wobbles are quickly fading. Indeed, if we look at the major equity indexes, the S&P 500 is only about 1.5% away from being flat on the year, after being down by more than 5.5% at one stage in late January.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,291.40, Down $0.40.
- Silver, $20.27, Down $0.06.
- Platinum, $1,405.00, Up $15.20.
- Palladium, $722.80, Up $5.40.
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