Gold And Silver Back On Track After Testing The $1,200 & $14 Support Level
Current Rare Coin Listings Updated
Current listings for Morgan Dollars
Current listings for Peace Dollars
Current listings for $20 Gold Saints
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Gold opened last week at $1,206.40 per ounce, and broke below the very important $1,200 support level by Wednesday. Gold hit a low of $1,197 that day on heavy selling and the short-term outlook was very bleak. Suddenly, the trading volume and price started moving higher and Gold closed at $1,208. Then, on Thursday and Friday, the Gold price never broke below the $1,200 level and was up $5 and $8 respectively.
Gold ended last week up $14.60 (1.2%) at $1,221 per ounce. But more importantly, Gold successfully completed an inter-day reversal of direction. This is a very bullish sign that the recent price downtrend is over and the price of Gold is now trying to establish an uptrend. I believe this week is key to the direction of Gold for the balance of the year. Gold needs to confirm the reversal by staying above the $1,210 level this week and hopefully moving higher. One of the key factors in sustaining the rally is the U.S. Dollar Index. The Dollar Index is currently trading in the 96.50 level, and any move above 97 would put pressure on the price of Gold.
Today: Gold saw some light selling this morning, reaching a low of $1,213 before finding strong buyers. A low U.S. Dollar Index (96) has helped Gold stay above the $1,220 level today.
Silver closed at $14.36 last Friday, up $0.26 per ounce (1.7%) for the week. Last week, Silver reached a low of $13.84 before bottoming out and turning higher with Gold. For the first time in quite a while, Silver actually showed more price support than Gold last week. Now, we need to see Silver stay above the key $14 support/resistance level. The Silver-to-Gold ratio has dropped to an attractive 85.02-to-1.
Today: After reaching a low of $14.22 this morning on Asian markets, Silver has traded in the $14.40 area most of the day.
Today, we are proud to let you know that we have upgraded our website at www.MintStateGold.com! The new Mint State Gold is going to continue to offer more and more features over the next several months, but we are happy to provide you a variety of new features today. Some of these already added features include improved mobile access, easier pricing updates, a much easier 2 step checkout, a brand new preview coin image flipper, a new logo, and many other additional features! We hope you enjoy this new site and we look forward to offering you even more cool features in the not too distant future as we continue to improve the new website!
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Diversification includes 50% in long term investment quality rare coins and 50% short term bullion products.
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