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Precious metals, with the exception of palladium, are moving higher again this morning following yesterday’s much talked about policy change by the Swiss National Bank. Palladium has fallen to a test of support at $750.00 as weak economic data and forecasts for a contraction in global economic growth weigh on the industrial metal.
In front of a three day weekend for many, it appears that many market participants are not waiting for a pull back to enter or increase their gold holdings, but are buying again today and will not risk waiting for Monday or Tuesday. Gold, silver and platinum are trading well above their 10-, 50- and 100-day moving averages which is a very bullish sign for momentum traders, while just the opposite can be said for palladium. Gold and silver have just broken above $1,275.00 and $17.50 and with this type of momentum it would not be shocking to see $1,300.00 and $18.00 as soon as later today.
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