A Weaker U.S Dollar Helps Gold Rally
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GOLD
A weaker U.S. Dollar caused primarily by lower U.S. interest rates is helping today’s $32 rally in the Gold price. Gold appears ready to make another move to the key $1,700 resistance level, my only concern would a liquidity crisis caused by falling equities prices similar to what happened last week. An announcement on February Nonfarm Payroll is due tomorrow, this could be a catalyst for both the U.S. equity and precious metal markets. At 11am PT today, Gold is up $32 per ounce, trading at $1,668 on excellent volume.
SILVER
Silver has followed Gold higher, reaching a high of $17.41 on fresh demand. Considering the strength of the Gold rally, I would expect to see Silver break the $17.50 level very soon. At 11am PT today, Silver is trading at $17.39 per ounce, up $0.17 on good volume.
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