Home InfoVault Market Reports Precious Metals Fail To Hold Friday’s Uptick - Market Report For 07/14/2014

Precious Metals Fail to Hold Friday’s Uptick - Market Report for 07/14/2014

Precious Metals Fail to Hold Friday’s Uptick - Market Report for 07/14/2014
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Posted: 07-14-2014 08:54:00 AM

Despite Friday’s steady day (with prices moving higher late in the day), there was no follow through in Asia overnight as early physical demand did not last long.

Despite Friday’s steady day (with prices moving higher late in the day), there was no follow through in Asia overnight as early physical demand did not last long. With CFTC data released on Friday showing COMEX short positions continued to be covered and long positions continued to be added, we were faced with an overnight market where short sellers were anxious to get back in and “longs” were not willing to miss the opportunity to lock in profits.

As gold and silver began to move lower, sell stops were triggered in gold below $1,330.00 and $1,315.00 with silver seeing the same below $21.40 and $21.25. This morning finds gold still being pressured and fighting to remain above $1,300.00 while silver and platinum were not able to hold $21.00 and $1,500.00. Key support level in gold today is $1,292.85 which is the 50-day moving average and the lowest of the 10, 50 and 100-day moving averages. The 50-day moving average in silver is $19.95 and again the lowest of the 10, 50 and 100-day averages.

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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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