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Gold and Silver Market Morning: May 19 2017 – Gold consolidating in a narrowing range!

news.goldseek.com / Julian D.W. Phillips / 19 May 2017

Gold Today –New York closed at $1,248.90 yesterday after closing at$1,258.70 Wednesday. London opened at $1,248.20 today. 

Overall the dollar was slightly stronger against global currencies, early today. Before London’s opening:

–         The $: € was slightly stronger at $1.1120 after yesterday’s $1.1131:€1.

–         The Dollar index was stronger at 97.73 after yesterday’s 97.57.

–         The Yen was weaker at 111.25 after yesterday’s 110.77:$1.

–         The Yuan was weaker at 6.8929after yesterday’s 6.8902: $1.

–         The Pound Sterling was weaker at $1.2950 after yesterday’s $1.3036: £1.

Yuan Gold Fix

The Shanghai Gold Exchange trading level towards the close translates into $1,257.34. New York closed at a $8.44 discount to Shanghai’s close yesterday. London opened at a discount of $9.14 to Shanghai’s close today.

As you can see above, Shanghai did not pull back today as far as New York did.  With Shanghai now proving less volatile than London or New York we expect the pattern being formed now will lead to Shanghai giving a better indication of the direction of the gold price. At the moment that is higher, after this consolidation.

Silver Today –Silver closed at $16.61 yesterday after $16.89 at New York’s close Wednesday.

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