Gold & Silver Locked Into A Trading Range As The U.S. Dollar Strengthens
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Last week, Gold traded between $1,302 and $1,318 per ounce, successfully testing the important $1,300 resistance level. Gold closed last Friday at $1,314, down $3.50 for the week. Indications of slowing growth in many of the world's leading nations drove their interest rates to less than 1%, while driving up the U.S. Dollar Index. The U.S. 10-year treasury note dropped to 2.64%, but still more than 1.50% higher than other nations, which resulted in a stronger U.S. Dollar. I look for Gold to stay in the $1,300 to $1,320 trading area for a few weeks.
Today: Gold is under pressure this morning as the U.S. Dollar Index moves near 97. That rally in the U.S. Dollar versus other important world currencies is being caused by weaker economics. Gold traded between $1,304 and $1,314, as it builds the current base.
Silver consolidated in the $15.60 to $15.90 per ounce trading range last week. Silver closed on Friday at $15.77 per ounce, down $0.12. With Gold above the important $1,300 per ounce level, it is disappointing that Silver hasn’t moved above the key $16 per ounce resistance level. If Gold stays above the $1,300 level, I recommend a Silver purchase at the lower end of the trading range. The current Silver-to-Gold ratio is at 83.40-to-1.
Today: Silver has traded between $15.60 and $15.80 per ounce this morning on light volume. I think this trading range is healthy for Silver considering the strength in the U.S. Dollar and Gold being locked into a narrow range.
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