Home InfoVault Market Reports Gold And Silver Prices Showed Some Life Yesterday

Gold and Silver Prices Showed Some Life Yesterday

Gold and Silver Prices Showed Some Life Yesterday
Category: Market Reports
Author Name:
Posted: 11-20-2015 01:26:00 PM

Gold and silver prices showed some life yesterday! PMGs are well oversold per usual.

Gold prices showed some life yesterday, bringing us to the higher point of our recent trading range. As in any sustained declining market, a short covering rally is expected from time to time. If we could see a momentum change, with a rally above this $1,100 level, the market could get some traction there, forcing those with short positions to exit the market. That would be a confirmation to the Wall Street Traders that it’s time to reverse their strategy. At this point, especially just before a holiday week, Gold traders tell me that they think this one-day rally will be short lived. So we go back to last week’s technical levels of support again at $1,073 and $1,050, and a $1,100 resistance level to the upside.

Silver also enjoyed a nice move to the upside yesterday. Silver, extremely oversold of late, looking for the shorts to leave town. Don’t forget the trend has been their friend, so it’s not going to be easy to run them out. For the dealers who actively trade physical bars and coins, Silver is still the product of choice with most reporting 7 out of 10 trades are in the Silver side of the ledger. This week, December Silver traded just short of its support level of $13.95.

PGMs are extremely oversold. and as with any rally in the Gold and Silver market, we expect they will follow along. Otherwise it’s the same old story.

Only news from the folks at the FED was from Atlanta Fed President, Dennis Lockhart. He indicated yesterday that he would be comfortable with “moving off zero soon” if economic news doesn’t turn negative before the December meeting. As with any comment from the FED, you need to evaluate what “soon” means. The word “transparency” has been out of their
vocabulary for the longest time.

© Copyright 2018 ModernCoinMart (MCM). All Rights Reserved. We encourage the sharing and linking of our information but reproduction of our news and articles without express permission is prohibited. Instead of reproducing, please provide the link to the original article or use the share buttons provided.

About The Author

Walter Pehowich Author Name: Walter Pehowich
This editorial has been prepared by Dillon Gage Metals. This document is for information and thought-provoking purposes only and does not purport to predict or forecast actual results. It is not, and should not be regarded as investment advice or as a recommendation regarding any particular security, commodity or course of action. Opinions expressed herein are current opinions as of the date appearing in this editorial only and are subject to change without notice. Reasonable people may disagree about the opinions expressed herein. In the event any of the assumptions used herein do not prove to be true, results are likely to vary substantially. All investments entail risks. There is no guarantee that investment strategies will achieve the desired results under all market conditions and each investor should evaluate its ability to invest for a long term especially during periods of a market downturn. No part of this editorial may be reproduced in any manner, in whole or in part, without the prior written permission of Dillon Gage Metals. This information is provided with the understanding that with respect to the opinions provided herein, that you will make your own independent decision with respect to any course of action in connection herewith and as to whether such course of action is appropriate or proper based on your own judgment, and that you are capable of understanding and assessing the merits of a course of action. You may not rely on the statements contained herein. Dillon Gage Metals shall not have any liability for any damages of any kind whatsoever relating to this editorial. You should consult your advisors with respect to these areas. By posting this editorial, you acknowledge, understand and accept the foregoing.

What are your thoughts? Gold and Silver Prices Showed Some Life Yesterday