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Precious metals are limping to the finish line this week as technical factors outweigh geopolitical issues, which, while they have not gone away, have not escalated this week. After numerous attempts by gold to break above $1,320.00 and by silver to find traction above $20.00, both have moved lower in a big way, this morning with platinum and palladium doing the same.
This morning’s sell-off finds gold, silver and platinum trading below their 10, 50 and 100-day moving average. While the lower price points should be welcomed by our corner of the market, this may just be another case where precious metals prices which fall faster than they rally probe the lower third of the trading range that we have been in for several months. Gold is still $20.00 away from longer term support, which should be found from $1,275.00 through $1,250.00. Silver, which continues to feel more vulnerable than gold, has traded to the $19.50 support area and bounced back to $19.60 as I finish today’s commentary. A break below $19.25 in silver should further empower the short sellers where a run at $18.25 is possible.
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