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MTECHTIPS;-Gold / Silver / Copper Prices - Weekly Outlook: Feb. 18 - 22

Monday, February 18, 2019 0:02

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MTECHTIPS;-Gold / Silver / Copper Prices – Weekly Outlook: Feb. 18 – 22

MTECHTIPS-This week precious metal traders will closely monitor movements in the U.S. dollar, one of the biggest drivers for gold, with U.S.-China trade talks continuing in Washington and Federal Reserve minutes and U.S. economic reports on tap. Both the U.S. and China reported progress in trade negotiations last week, but President Donald Trump said Friday that the talks were “very complicated” and that he might extend the March 1 deadline and keep tariffs on Chinese goods from rising Gold prices settled at the highest level in two weeks on Friday as indications of progress U.S.-China trade talks were seen as bullish for the yellow metal.

Gold futures ended up 0.83% at $1,324.75 on the Comex division of the New York Mercantile Exchange late Friday, after rising as high as $1,325.80 earlier. While gold posted a small weekly gain, it was rangebound for most of the week, with gains on Friday stemmed by a rebound in stocks. “Gold (price action) is like watching oil evaporate. The market is continually bearish at lows and bullish at highs with actual breaks infrequent,” said Tai Wong, head of base and precious metals derivatives trading at BMO. “The end of the (Fed) tightening cycle now looms which improves the overall backdrop for gold significantly. With the Fed on hold, there is less pressure for the rest of the globe to keep pace The world economy is slowing very rapidly and therefore monetary policy everywhere will be eased, so the outlook is a lot more inflationary, helping gold,” said Alistair Macleod, head of research at Elsewhere in metals trading, silver was up 1.46% to $15.75 a troy ounce, paring the week’s losses to 0.42%, for a second straight weekly decline.

Copper ended at $2.816, up 1.51% for the day but ended the week lower, snapping five weeks of gains. Ahead of the coming week, has compiled a list of significant events likely to affect the markets

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