Sitting in while Roy Friedman is out for two weeks, is Peter Aan, a Dillon Gage Metals Trader. Here are his Market insights:
Gold and the other metals got a shot in the arm from the release of the Fed meeting notes on Wednesday afternoon, but began to fall back early Thursday morning. Early action today shows some buying coming back into the market. Support continues to be at the January low of 1168.3 (basis the April contract).
Silver support levels remain the same: the significant bottoms formed in the latter half of December in January 2 at 15.510 to 15.540 (basis March).
Platinum continues to work lower, reaching the lowest level since 2009, when it was climbing from the sub-800 low reached in 2008 to the 1900 plus high reached in 2011.
Palladium showed more resilience than the other metals, but is still without a sense of direction, with the Tuesday’s, Wednesday’s and Thursday’s action all within last Friday’s range. Resistance remains at the 795.0 to 799.0 area (basis March), and support at levels previously discussed: 763.60, 758.0, and more important support at the January low of 746.0.
Peter Aan joined Dillon Gage in 1983, and is currently a metals trader for their metals division. He is the author of numerous articles for Futures magazine and Stocks and Commodities magazine. He is the author of The Relative Strength Index: A Comprehensive Research Report and a co-author of Trading Tactics: A Livestock Futures Anthology, published by the Chicago Mercantile Exchange.