Gold and Silver Market Morning: April 12 2017 – Gold breaks up to new higher resistance!

Jon Gold, Market Commentary, Precious Metals, Silver

Gold Today – New York closed at $1,272.60 yesterday after closing at$1,254.30 Monday. London opened at $1,273.4 today.
Overall the dollar was weaker against global currencies early today. Before London’s opening:
– The $: was weaker at $1.0621 after yesterday’s $1.0608: 1.
– The Dollar index was weaker at 100.61 after yesterday’s100.90.
– The Yen was stronger at 109.70 after yesterday’s 110.66:$1.
– The Yuan was stronger at 6.8943 after yesterday’s 6.9012: $1.
– The Pound Sterling was stronger at $1.2497 after yesterday’s $1.2416: 1.
Yuan Gold Fix
The Shanghai Gold Exchange was trading at 284.30 towards the close today. This translates into $1,277.61. New York is trading at a $5.01 discount to Shanghai and London opened at a $4.21 discount to Shanghai.
With the New York close $9 higher than Shanghai’s opening today Shanghai had to chase gold prices higher. Likewise London had to lift prices strongly at the opening or risk arbitrageurs moving into buy heavily. It may have been either the Chinese ICBC or the global HSBC that took what stock they could off the market before the London opening to even out London’s prices with Shanghai.

This post was published at GoldSeek on 12 April 2017.