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Precious metals continue to be range bound and although overall volume improved a bit yesterday gold and silver after trying higher in the morning quickly backed away from resistance levels at $1,320.00 and $20.20. The subsequent retreat then saw gold and silver hold support at $1.305.00 and $19.85 which made for an interesting day for the “day traders” but did little to encourage the bulls or bears.
Keep an eye on crude oil which continues to move lower and the USD which continues to move higher as they should begin to weigh on precious metals which continue to rally each day a geopolitical event occurs but fail to rally for a second or third day. Momentum traders are likely on the sidelines here, but I expect them to enter the market when gold breaks $1,330.00 or $1,275.00. As we approach a period where many market participants go on vacation, we may be looking at the current range holding through early September.
Have you begun following Rhodium yet? This morning finds Rhodium trading above $1,400.00. Dillon Gage can offer you and your clients one ounce and one-tenth ounce Baird Rhodium bars for immediate delivery.
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