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Tickers in this Article: GLD, IAU, SLV, SIL, GDX, GDXJ, PPLT, PALL
New York, May 17th (TradersHuddle.com) - In what feels like the first time in an eternity, we are able to report that gold prices surged on Thursday. Snapping back from 10-month lows set earlier this week, Comex gold for June delivery soared $38.30, or 2.5%, to finish the session at $1,574.90 a troy ounce. A stronger dollar and lingering concerns about the state of affairs in the Euro Zone had sent the yellow metal to four consecutive down days. The U.S. Dollar Index broke a 13-day winning streak today as the PowerShares DB Dollar Bullish (NYSE: UUP) closed fractionally lower. Buyers also stepped in to precious metals Thursday on the view that the minutes from the Federal Reserve's latest policymaking meeting, released after gold's settlement on Wednesday, left open the door to more central bank support for the economy should U.S. growth flag, the Wall Street Journal reported.

While the Fed hasn't overtly signaled it will engage in a third round of quantitative easing, the central bank hasn't ruled it out, either, giving some gold bugs reason to cling to the hope that another round of stimulus could happen at some point. Previous rounds of quantitative easing have depressed the value of the dollar against other major currencies while lifting gold and other precious metals in the process.

On volume that was above their daily averages, the SPDR Gold Shares (NYSE: GLD) and the iShares Gold Trust (NYSE: IAU) each gained more than 2.2%. The iShares Silver Trust (NYSE: SLV) impressed with a strong volume gain of 3.3%, easily the best day in weeks for the downtrodden silver fund.

While it's fair to say that one day does not mean gold's risk asset status has been shaken, it was obvious on Thursday that traders found some value in the yellow metal in the $1,535-$1,545 area. True support is seen at $1,520 and any violation of $1,500 would likely provoke intense selling pressure.

The other precious metals got in on the positive action as well on Thursday as the ETFS Physical Palladium (NYSE: PALL) added almost 2% on above average trade. The ETFS Physical Platinum jumped (NYSE: PPLT) over 1% on strong volume. Those are the best performances for both funds in multiple weeks.

The miners were not left behind either. The Global X Silver Miners ETF (NYSE: SIL) surged 2.6% on heavy volume to reclaim $17. SIL actually closed above that mark at $17.23. Maybe the worst is over for gold miners. The Market Vectors Gold Miners ETF (NYSE: GDX) added 4.5% on volume that was better than double the daily average while the Market Vectors Junior Gold Miners ETF (NYSE: GDXJ) climbed 4%, also on volume that was more than double the norm.

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