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Precious Metals Review

Market information and news is critical for precious metal investing. However, many investors have limited time to sort through the massive amounts of market data and gold, silver and platinum news. The Monex Precious Metals Review consolidates the week's activities in a concise snapshot of the precious metal markets.

PRECIOUS METALS REVIEW - September 15, 2017
In the precious metals markets this week...
GOLD

Monex spot gold prices opened the week at $1,334 . . . traded as high as $1,334 on Monday and as low as $1,319 on Friday. . . and the Monex AM settlement price on Friday was $1,321, down $23 for the week. Gold support is now anticipated at $1,318 then $1,307, and then $1,285. . . with resistance anticipated at $1,338, then $1,363, and then $1,400.

SILVER

Monex spot silver prices opened the week at $17.74 . . . traded as high as $17.91 on Wednesday and as low as $17.57 on Friday. . . and the Monex AM settlement price on Friday was $17.61, down $0.13 for the week. Silver support is now anticipated at $17.45, then $17.22, and then $16.80. . . and resistance anticipated at $17.70, then $17.97, and then $18.09.

PLATINUM

Monex spot platinum prices opened the week at $997. . . traded as high as $1,004 on Monday and as low as $965 on Friday. . . and the Monex AM settlement price on Friday was $970, down $27 for the week. Platinum support is now anticipated at $965, then $930, and then $888 . . . and resistance anticipated at $1,080, then $1,015, and then $1,040.

PALLADIUM

Monex spot palladium prices opened the week at $937. . . traded as high as $945 on Tuesday and as low as $912 on Friday. . . and the Monex AM settlement price on Friday was $921, down $16 for the week. Palladium support is now anticipated at $914, then $888, and then $865 . . . and resistance anticipated at $945, then $970, and then $1,000.

QUOTES OF THE WEEK...
***Want to know the latest on gold and silver in this age of uncertainty? Monex VP Mike Maroney offers analysis and commentary on recent activity in the economy, geopolitics and the precious metals markets. Check out video here http://www.monex.com/age-of-uncertainty/

From the CPM Group in September 2017 Precious Metals Market Outlook

"Gold prices could move in a volatile fashion over the next three months as various events unfold pushing prices higher and lower. Barring any major surprises, prices could be expected to move between $1,300 and $1,380 over the next several months. If tensions around North Korea escalate, prices could be pushed higher toward the $1,380 resistance level.

Furthermore, on a fundamental basis there are several reasons for investors to remain interested in gold. The U.S. lies at the center of many of these concerns, with both possible political as well as economic problems bubbling under the surface. Some actions and other inactions by the U.S. government are likely to have spillover effects on the fragile long in the tooth U.S. economic growth, with positive consequences for gold. That said, in the short term prices could see some consolidation or even a brief pull back.

Silver prices are expected to move between $17.25 and $18.75 over the next three months. The recent run up in prices could result in some short-term profit taking but the overall outlook for silver still looks positive. Also the metal has been underperforming gold and the recent breakout in prices could instill some confidence among investors and encourage momentum buying. On the upside, prices should be expected to test $18.75 especially if concerns regarding North Korea heat up. On the downside, some of the risks that have driven gold and silver prices higher in recent weeks may abate in the near term, which could either cause a pull back in prices or in a more bullish scenario keep prices flat around present levels.

Nymex platinum breached the $1,000 level in late August, with prices further rising to an intraday high of $1,017.50 on 6 September, the highest level since 2 March when the intraday high hit $1,020.50.

The metal's near- and medium-term demand outlook looks positive thanks to rising domestic demand in European countries as economic recoveries gather momentum.

Nymex palladium rose pretty much throughout August and spiked up to an intraday high of $997.50 on 5 September, the highest level since 9 February 2001 when the intraday high reached $1,040.

Spillover effects from a continued rally in Comex gold prices partly contributed to this continued strength in palladium prices."

...And from Mary Anne and Pamela Aden in the September 2017 The Aden Forecast

"Gold jumped up to a one year high last Friday, breaking clearly above the key $1300 level. It's now on its way to test its peak last year near the $1380 level.

And it's not just gold. Gold shares are popping up, and so is silver, platinum and the base metals. In other words, it's a powerful move when the precious and base metals are in a major turnaround together from bear market to bull market. The weak U.S. dollar and low interest rates have also given this sector a boost. You could say the same about the stock market, and this will continue to be a bullish backdrop for these metals and shares.

Gold has risen almost 20% from its December lows, which is much more than 11.5% decline in the dollar index.

There is uncertainty coming from all angles...Political uncertainty, geopolitical uncertainty, natural disaster uncertainty and Federal Reserve and central banks uncertainty.

This list could go on, but the point is, we investors are crawling a wall of worry. And safe haven buying has been popular this month."

Last update: Sep 15, 2017 01:54:06 PM

This is not a recommendation to buy or sell.