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Precious metals begin the week in the U.S. with platinum and palladium moving higher, while gold and silver are unchanged but down from the Friday afternoon rally that followed the COMEX close. Overnight trading volume was well above average which can likely be attributed to the expiration of COMEX options today, which I addressed in Friday’s commentary.
This week brings us plenty of economic headlines which can move all markets and make this a very interesting trading week. Tomorrow brings us the beginning of a two-day FOMC meeting with statements to follow on Wednesday afternoon. Wednesday also brings us a report on second quarter GDP and Friday brings us the Non-Farm Payroll / Unemployment report for July.
Technical support for gold currently stands at $1,305.00 – $1,300.00 and $1,290.00 – $1,285.00. Resistance in gold can be expected at $1,310.00 and again at $1,320.00. Silver support should continue to be found from $20.40 through $20.25 while resistance can be expected from $20.80 through $21.00.
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