Both Gold And Silver Are Fighting To Stay Above Their Key Resistance Levels
This Week's Headlines: |
Silver Poised For A Breakout | |
Silver and silver investments may well be the best place of all to put your money at this time . . . . Clive Maund, Streetwise Reports (Read More) |
Gold tested the important $1,400 per ounce price level three times last week. During Friday trading, over the holiday weekend, Gold became weaker based on a strong U.S. jobs report. Gold closed at $1,400 per ounce, down $13 for the week. Demand continues to grow and I expect to see record Central bank buying reported for June. The Gold price is at a crucial point right now. Gold needs to stay above the $1,400 level to keep this short-term rally going. Otherwise, it’s a good bet Gold will go back to test the $1,360 support level.
Trump has nominated Judy Shelton to the Federal Reserve Board. This is important because she has been a strong advocate of the U.S. going back on a Gold Standard. This means the concept of the U.S. moving to a Gold Standard will be discussed when she goes in front of Congress to be confirmed.
Today: Gold traded higher in Asia and Europe, reaching a high of $1,406, but when it rolled into the U.S. it sold off, trading below $1,400 per ounce. Right now, Gold is in a bull/bear war at the very important $1,400 per ounce support level.
Last week was truly disappointing for Silver investors. Silver closed the week at $14.97 per ounce on Friday, down $0.37 for the week on surprisingly high trading volume. Silver continues to increase its Silver-to-Gold ratio, moving to an extraordinary 93.33-to-1. Silver has been locked into a $15.00 to $15.50 trading range as Gold moves higher, causing the Silver-to-Gold ratio to move over 92-to-1. Mr. Peter Hobson, a reporter with Reuters, wrote an informative article called “Don't get too positive on Silver just because Gold's racing higher”. The article provides reasons why the Silver price hasn’t performed as well as Gold. Click with the following link.
Today: Silver is following Gold’s lead ,trading above and below the important $15 per ounce level this morning. Professional Commodity Traders continue to prefer the short side of the Silver trade.
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