SILVER PRICES GET STRONGER, MAY SEE RESISTANCE

APMEX

3/13/2019 8:52:00 AM

Daily Gold & Silver Market Report – 3/13/2019

• Gold dips Monday morning as equity markets gain new support.
• New Brexit vote scheduled for Tuesday. 
• Platinum/Palladium ratio remains wide.

While Silver prices have been stronger, it may be trading into some resistance. Market analyst Paul Robinson, writing for DailyFX, points out while Gold seems to be experiencing a rally, it could be short-lived. A rally for Gold appeared to be taking place in February, but eventually backed down. Robinson said, “The current rally remains viewed as only a bounce and not the beginning of another leg higher. This view could, of course, be wrong which is why as levels get tested paying attention to price action can be quite helpful.” The spot price for Silver is rising Wednesday morning, trending much the same as Gold.

Gold Price Reaches 2-Week High During Brexit Turmoil 

Early Wednesday, Gold prices escalated to near two-week highs, staying above the crucial $1,300 per ounce mark. The spot price of Gold reached a peak of $1,311.35 at 6:20 a.m. (ET), the highest level since March 1. This upward movement comes as worries over Britain’s exit from the European Union drive investors toward safe-haven buying opportunities. A Reuters report published by Nasdaq points out this is the second defeat for Prime Minister Theresa May’s Brexit plan, sending Britain into a major political crisis as the March 29 deadline to exit the EU approaches. Economic and political uncertainty is often a driver of support for low-risk assets like Precious Metals.

Gold bullion has gained approximately 13 percent since August. ActivTrades Chief Analyst Carlo Alberto De Casasaid wrote a note to Reuters, saying, “The fact that the Precious Metal has breached the $1,300 threshold represents a positive signal, opening space for further gains.” Lawmakers in the UK are expected to decide this week whether to exit the EU with no deal in place or extend the looming deadline.

At 9:45 a.m. (ET), the APMEX Gold and Silver spot prices were:

• Gold, $1,310.70 Up $10.10
• Silver, $15.56 Up $0.08
• Platinum, $849.70 Up $14.80
• Palladium, $1,551.80 Up $15.80

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