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MTECHTIPS;-Gold / Silver / Copper Prices - Weekly Outlook: February 4 - 8

Monday, February 4, 2019 1:08

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MTECHTIPS;-Gold / Silver / Copper Prices – Weekly Outlook: February 4 – 8

MTECHTIPS-Gold / Silver / Copper-his week precious metal traders will be tracking movements in the U.S. dollar, one of the biggest drivers for gold and awaiting comments from a number of Federal Reserve officials, which may reinforce expectations for a pause in its rate hike cycle. Having signaled further interest rate rises as recently as December, the Fed, at its January meeting, caught markets off guard by putting plans for further rate hikes on hold and pledging to be “patient” on further moves, citing muted inflation and rising risks to global economic growth.Gold tends to appreciate on expectations of lower interest rates, which reduce the opportunity cost of holding non-yielding bullion. Gold futures settled down 0.23% at $1,322.10 on the Comex division of the New York Mercantile Exchange late Friday. For the week prices rose 1.37%. “We’re seeing some buying fatigue starting to emerge. The strong rally we have seen in riskier assets has to a certain extent reduced the need for additional gold buying,” Saxo Bank analyst Ole Hansen said. “We also reached the technical level around $1,325, which has over the last year provided both support and resistance, and therefore has been taken as a level for the market to pause.” Elsewhere in metals trading, silver was down 1.0% to $15.91 a troy ounce, after rising to its highest since July 2018 at $16.19 in previous session. Meanwhile, copper ended at $2.771, off 0.48% for the day. Ahead of the coming week, www.mtechtips.com has compiled a list of significant events likely to affect the markets

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