Global Research

Strategist Contact Information

Russell Browne - russell.browne@scotiabank.com

Gold & Silver Marketwatch

Trading Contacts
Reuters MMCN or (212) 225-6200
Robert Lockwood - robert.lockwood@scotiabank.com

Daily Update

Thursday, August 04, 2016

Market Commentary

1-Day Commodity Moves (%)

Gold edged higher overnight, opening the day at 1360.50/1361.50.

After the open, gold advanced to a high of 1364.50/1365.50 as the
Bank of England slashed interest rates for the first time in 7 years
from 0.50% to 0.25%, and introduced quantitative easing
measures that included an increase to the monthly bond purchase
program by 60 billion. The rise in the dollar to a 1-week high,
however, kept gains in check as gold made a late retreat to a low
of 1360.00/1361.00 before ending the day flat, at
1360.50/1361.50.
Silver moved marginally lower overnight, opening the session at
20.35/20.40. It touched a high of 20.44/20.49 before dropping to a
low of 20.24/20.29. Thereafter, silver rebounded back to the highs
of the day, prior to concluding the session at 20.38/20.43.

Gold

0.2

Silver

-0.3

Platinum

-0.4

Palladium

-1.1

Copper fut

-1.1

EUR

-0.2

S&P 500

0.0

CRB

0.9

-2

-1

5-Day Commodity Moves (%)

Gold

1.8

Silver

0.7

Platinum

2.2

Technical Commentary

Palladium

1.0

Gold closed slightly higher today, at 1361. Near-term support

comes in at 1350.70 (61.8% Fibo retracement level of the 2-week
drop following the high in the first week of July). Next level of
support is at 1343 (50% Fibo level). Resistance is at 1375.30 (July
high). MACD is in slightly bullish territory and momentum is
steady. I am bullish on gold so long as it closes above the 1343
support level.
Silver was virtually unchanged today, closing at 20.41. Support in
the near term is at 20.39 (61.8% Fibo retracement level of the
previous months 2-week decline), followed by 20.17 (50% Fibo
level). Resistance remains unchanged at 20.67 (76.4% Fibo level). I
am bullish on silver so long as it closes above the 20.17 support
level.
The gold-silver ratio closed higher today at 66.68. Support remains
unchanged at 65.67 - the recent low. Resistance is at 67.35 - the
200 period MA on the weekly chart. I am neutral the ratio as long
as it closes within the aforementioned support and resistance
levels.
Notable Ranges & Technical Levels
Gold
1360.50/1361.50
1364.50/1365.50
1360.00/1361.00
1360.50/1361.50
1,351.15
1,362.75
1,362.75
67.60
Gold OI
583,911
2
583,913

Oil WTI fut

1.5

Copper fut

-1.6

EUR

0.5

S&P 500

-0.2

CRB

1.2

-2

-1

1 Month Commodity Moves (%)

Gold

0.7

Silver

0.2

Platinum

8.3

Palladium

14.4

Oil WTI fut

-14.8

Copper fut

-1.9

EUR

Open
High
Low
Close / Last Mid*
London Pricing AM
London Pricing PM
Handy Harman (Base)
Gold / Silver Ratio
Open Interest
COMEX
CBOT
Total

Oil WTI fut

2.3

-0.2

S&P 500

2.9

CRB

-6.6

-20.0

-15.0

-10.0

-5.0

8/4/16 15:57 (last updated)

0.0

5.0

10.0

15.0

20.0

Source: Bloomberg

Technical
Levels etc.
Technical Levels,
Silver
20.35/20.40
20.44/20.49
20.24/20.29
20.38/20.43
20.16
NA
20.465
NA

Platinum
1,163.50
1,164.70
1,151.70
1,158.73
1,155.00
1,157.00
1,157.00
NA
Silver OI
223,142
4
223,146

Gold

Palladium
711.43
714.02
698.85
704.52
708.00
711.00
711.00
NA

Pivot
Primary Support (Buy)
Primary Resistance (Sell)
HBOP
LBOP
Bollinger Band Upper
Bollinger Band Mid
Bollinger Band Lower
Relative Strength 9 Day
Relative Strength 14 Day

1,358.75
1,350.81
1,368.31
1,385.81
1,333.31
1,370.80
1,339.93
1,309.07
64
62

Silver
20.379
20.028
20.704
21.380
19.352
20.789
20.120
19.451
59
62

Platinum

Palladium

1,160
1,150
1,168
1,186
1,132
1,173
1,115
1,057
74
73

706.92
696.33
714.98
733.63
677.68
737.96
674.60
611.24
71
74

Close/last mid refers to the spot closing floor price in gold and silver, and spots last mid
price as provided by Bloomberg in platinum & palladium spot.
All other data provided by Bloomberg. Actual market levels may differ.

Gold and Silver Market Watch

Thursday, August 04, 2016

Gold: 2-Year Close with Moving Averages ($/oz)

Gold: 2-Month Candlesticks ($/oz)

1380

1385

1313
1350

1246
1315
1179
1280

1112

1045
Aug-14

Dec-14

Apr-15

Spot

Aug-15

100-Day

Dec-15
200-Day

Apr-16

1245
10-Jun

20-Jun

30-Jun

10-Jul

20-Jul

30-Jul

20-Jul

30-Jul

400-Day

Silver: 2-Year Close with Moving Averages ($/oz)

Silver: 2-Month Candlesticks ($/oz)

21.20

22.0

20.3

20.10

18.6

19.00
16.9
17.90
15.2

13.5
Aug-14

Dec-14
Spot

Apr-15

Aug-15

100-Day

Dec-15
200-Day

16.80
10-Jun

Apr-16

20-Jun

30-Jun

10-Jul

400-Day

Source: Bloomberg (may differ from market spot prices)

Moving Averages
5 Day MA
10 Day MA
20 Day MA
30 Day MA
60 Day MA
100 Day MA
200 Day MA
400 Day MA

Markets

FX Majors
Gold
1,357.26
1,342.04
1,339.93
1,338.84
1,296.59
1,276.95
1,203.71
1,187.79

Silver
20.434
20.159
20.120
19.749
18.277
17.491
16.026
15.978

Platinum
1,159
1,133
1,115
1,088
1,042
1,026
960
-

Palladium
712.01
701.82
674.60
646.60
599.54
592.57
565.57
-

CAD
EUR
GBP
CHF
AUD
ZAR
JPY
as of:

1.3024
1.1129
1.3125
0.9737
0.7627
13.7313
101.1700
8/4/2016 15:57

CRB
DJAIG
CRUDE (fut)
S&P 500
US 10 Yr
US 30 Yr
CDN 10 Yr
as of:

181.35
83.91
41.75
2164.76
1.51
2.26
1.05
8/4/2016 15:57

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