Home InfoVault Market Reports Japan’s Q3 News Drove Gold/Silver Weekend Trading - Market Report For 11-17-2014 - ModernCoinMart (MCM)

Japan’s Q3 News Drove Gold/Silver Weekend Trading - Market Report for 11-17-2014 - ModernCoinMart (MCM)

Japan’s Q3 News Drove Gold/Silver Weekend Trading - Market Report for 11-17-2014 - ModernCoinMart (MCM)
Category: Market Reports
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Posted: 11-17-2014 11:21:00 AM
Precious metals came off the ropes with a big flurry on Friday just when it looked like a knockout was imminent.

Precious metals came off the ropes with a big flurry on Friday just when it looked like a knockout was imminent. As the reversal gathered momentum several factors contributed to gold breaking above $1,180.00 while silver went flying through $15.75 and then $16.00. The reversal of USD strength and crude oil weakness provided early support and started the short covering rally, but the market really took off when large buy orders were reported in the OTC gold options market along with several orders that were executed on the futures exchange. The rumor mill continued with speculation about Russian and Chinese buying in gold providing one last move higher before the day ended.

Trading has been active since our market resumed yesterday led by a very weak third quarter GDP report out of Japan which saw growth come in at minus 0.4 percent. Gold and silver became very volatile after this economic release and made highs of $1,193.60 and $16.45 before USD strength on the back of this release saw all four precious metals begin to move lower. Precious metals are on the defensive in early U.S. trading as gold and silver will look to hold support levels at $1,180.00 and $16.00. Below these levels, support should be expected in the low $1,170.00s and $15.75. Tensions seem to be rising between the G20 nations and Russian president Putin who unexpectedly left the Brisbane conference early. This along with escalating unrest in Ukraine should be supportive and potentially fuel a rally in our market.

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About The Author

Roy Friedman

This editorial has been prepared by Roy Friedman of 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.

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