Daily Market Report 4/13/16
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GOLD
A short term rally in the U.S. Dollar, and some light profit taking after the recent Gold rally, moved the Gold price down to $1,240 before finding bargain buyers. Gold needs to move back above $1,250 this week to stay short term bullish.
The U.S. budget deficit is moving higher. The deficit increased $461 billion in the last six months, with a sharply higher increase of $108 billion in the last month alone. A $20 trillion national debt, here we come!
Next Tuesday China will launch a Yuan-denominated Gold fix on the Shanghai Gold Exchange, just one more step in China’s move to replace the U.S. Dollar as the world’s preferred reserve currency for central banks.
At 11am PDT today, Gold is trading at $1,247 per ounce, down $11 on average volume.
SILVER
Silver tested the $16 support level this morning, reaching $15.98 before sizeable buying appeared. Silver quickly rallied back to $16.35 (a six month high) before finding light selling. At 11am PDT today, Silver is up $0.15 per ounce, trading at $16.29 per ounce on heavy volume.
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