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Precious Metals In Review: Week of 11/17/2017

Precious Metals In Review: Week of 11/17/2017
Category: Market Reports
Author Name: Dillon Gage
Posted: 11-17-2017 03:32:00 PM

Curious what has happened to metals this week? Find out more from the experts at Dillon Gage!

Precious Metals Overview for Week Ending 11/17/2017

Gold continued its fall doldrums this week, but now appears to be ending on a high note due to a late morning surge. A lower U.S. dollar and strongly higher crude oil prices took gold to a four week high in the last few hours, bubbly just below $1,300.

Gold started the week with a mild recovery from the preceding Friday’s sell-off that was sparked by selling in the Bond market that sent Ten-Year Treasury yields from 2.33 percent up to 2.4 percent.

Throughout the week, gold was handcuffed in its twenty dollar trading range. It seems the markets are waiting to see if the House and Senate can agree on a tax plan. The jury is still out on that outcome, and until it’s settled I don’t expect any significant movement in the price of gold.

For the most part, the gold and silver ETF’s also seeing hardly any movement.

CME Fed Watch Toll odds for a rate hike in December still stands at 91.5 percent. I expect that number to remain at or near that level until we have an outcome on the proposed tax plan.

Levels of support are still a distance away. In Gold not until $1,261 and in Silver not until $16.48 are the levels any longs would be concerned with.

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About The Author

Author Name: Dillon Gage
This editorial has been prepared by 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.

What are your thoughts? Precious Metals In Review: Week of 11/17/2017