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Precious metals failed to hold the move higher yesterday despite increasing tension in the Middle East and economic woes in Europethat appear as though they will be with us for quite a while. On the move higher, producer selling was reported throughout the OTC market and silver’s failure to break $18.00 along with the equally fast sell-off certainly was disappointing for the longs. This morning finds the complex, with the exception of palladium, again under pressure after a quiet Asian and European session.
Silver is currently down 25 cents and flirting with $17.50. A break below with any volume behind it is likely to see silver trading on either side of $17.00, perhaps in a hurry, so beware of extreme volatility today. Gold continues to put up a good fight, holding above support at $1,215.00, but with the pressure silver is under, a look at $1,185.00 appears to be only a matter of time. Several FOMC members will be giving speeches this week which should impact all markets. We have already heard from the President of the Minneapolis Fed whose dovish comments had little impact in curbing the current trend in our market. Next up is the President of Cleveland Fed, more dovish comments could curb the selling and maybe even bring a short covering rally but hawkish comments would likely have a greater impact and add to the selling pressure.
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