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Gold and Silver seemingly took sleeping pills overnight as they are locked in a trading range between current support and resistance levels. Nonetheless we see both CME open interest figures rise and Gold ETF increases overnight.
Counter forces: slightly stronger U.S. Dollar and softer bond yields are keeping the price of gold and silver locked in for the time being.
A lot of folks watching the action in the relationship between the U.S. Dollar and the British Pound yesterday as the pound reached a 31-year low against the dollar. This comes on the heels of Prime Minister Theresa May‘s comments that the UK is likely to leave the single market in a so-called “hard” Brexit. She also said her country can’t keep “bits of the EU” and that the British Pound “isn’t safe from bears until we know what will replace the single market.”
According to my friends over the pond, the physical market there seems to be taking the same sleeping pill as both buyers and sellers are absent from the market.
Part of the problem, both here and in Europe, is the lack of any substantial news hitting the wires to give the price of our metals a kick in any direction.
Same technical levels are intact as the next level of resistance is the February gold contract seen in the $1,195 area and the new level of support is now $1,182. My technical buddies claim that with no news to talk of they expect that level of support at $ 1182 to be challenged today before we head any higher. They also said they expect that the price of silver is more vulnerable to the downside than gold at the moment.
Author Name: Walter Pehowich
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