US precious metals prices are down again

New York (Platts)--19Jun2006

The volatile precious metals markets are down again, victim of
long-liquidation in response to the stronger dollar. Precious metals face
an across-the-board decline on both the COMEX and the NYMEX Monday morning.

The nearby August gold futures contract on the COMEX fell $7.20 to
$574.50/oz at 10:30am (14:30 GMT) and the nearby July silver declined by 16cts
to $9.97/oz. And on the NYMEX, July platinum fell $7.60 yo $1,137/oz and
September palladium fell 9.05 to $297/oz.

Dollar watching has led gold back to $568/oz overnight and the current
mood of sharp price swings looks set to continue, but for now, its seems gold
has found a base ahead of $550 and the 200-day MA at $548.75/oz, with
resistance pegged at $575/oz, 4585/oz and $600/oz, said TheBullionDesk analyst
James Moore.

For silver, Moore said: "The combination of high volatility and
inconsistent liquidity will keep the movements in silver extremely fast-paced
in the coming sessions but, for now, support should be found back at $10/oz
and $9.50/oz, while resistance is seen from $11/oz to the 100-day moving
average at $11.49/oz."

--Ovid Abrams; ovid_abrams@platts.com

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http://plattsmetals.platts.com.


 

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