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Gold Higher On Weak Dollar While Palladium Hits All Time High


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Gold Higher On Weak Dollar While Palladium Hits All Time High

Gold settled higher Friday finishing the week in positive territory for the fifth week in a row. The U.S. dollar continues to be the main source of support for the metal as the dollar's fall also pushed the euro to a three year high. Inflation data came out this morning in line with projections, however, the Core Inflation number was slightly higher than expected, a potential sign of increasing inflation further supporting Gold as an inflation hedge. With the Martin Luther King Jr. holiday and limited economics releases next week, it is projected to be a quiet week.

March silver futuressettled up to $16.995 a troy ounce, April platinum futuresrose to $996.20 a troy ounce, while March copper futures settled down to $3.2185 per pound. March Palladium futures had quite a day finishing at an all time high of $1,105.35 a troy ounce as supply is expected to continue to tighten.

For February gold, an open in the next session above the pivot of $1,329.80 would show near term resistance at $1,338.90 while a breakout above this level would see longer term resistance at $1,342.80. An open below the pivot would have near term support down at $1,325.90, and a sell off below this would show longer term support at $1,316.40.

Bullion on Bullion.

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RISK DISCLOSURE: THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES AND OPTIONS TRADING. THIS REPORT IS A SOLICITATION FOR ENTERING A DERIVATIVES TRANSACTION AND ALL TRANSACTIONS INCLUDE A SUBSTANTIAL RISK OF LOSS. THE USE OF A STOP-LOSS ORDER MAY NOT NECESSARILY LIMIT YOUR LOSS TO THE INTENDED AMOUNT. WHILE CURRENT EVENTS, MARKET ANNOUNCEMENTS AND SEASONAL FACTORS ARE TYPICALLY BUILT INTO FUTURES PRICES, A MOVEMENT IN THE CASH MARKET WOULD NOT NECESSARILY MOVE IN TANDEM WITH THE RELATED FUTURES AND OPTIONS CONTRACTS.



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About the author


Mike began his career as a financial planner for the Tranel Financial Group where he specialized in asset allocation design and advanced strategies including employee stock option optimization. From there he moved on to institutional investment consulting with the Marco Consulting Group. In their discretionary management division, he continued his work on asset allocation and risk management as well as specializing in alternative investments, including managed futures. Mike earned a bachelor's degree in Applied Mathematics from Spring Hill College and an MBA with a concentration in Analytic Finance from the University of Chicago Booth School of Business. In 2017 he earned the right to use the Chartered Alternative Investment Analyst designation.
 
Mike has extensive experience in trading many different security types for many different institutions, companies, and individual investors. He believes in strong risk management procedures and that there should be an understandable thesis behind every trade entry and the exit catalysts should be known before execution.
 
 
 
contributing author since 12/18/2017 

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