
Precious metals began the week yesterday on a steady note with a bit of physical demand throughout the Asia Pacific region. This was followed by another weak economic report from China as their Manufacturing Index came in lower than expected, setting the stage for further stimulus action from their Central Bank which brought about more buying. Today is a holiday in much of Europe, and as often happens, the decrease in liquidity brings volatility to our market.
Prices spiked up in early U.S. trading as speculative short covering was reported in the OTC market while buy stops on the futures exchange were elected above $1,185.00 and $16.50. As the recent trading ranges continue after the lower end held late last week, we still have a market that is looking for a directional leader. As gold has failed to provide that leadership, I would expect silver to give it a try this week. The week begins with support in gold at $1,175.00 and $1,165.00 while resistance stands at $1,192.00 and $1,210.00. Silver support stands at $16.35 and $16.15 while resistance can be expected at $16.75 and $17.00.
© Copyright 2021 ModernCoinMart (MCM). All Rights Reserved. MCM does not sell coins and numismatics as investments, but rather as collectibles.
Please review MCM's
Terms and Conditions,
Terms of Use and
Privacy Policy
before using this website and prior to purchasing from MCM. All website content is for reference use only and does not constitute investment,
legal or financial advice. We encourage the sharing and linking of our information but reproduction of our news and articles without express
permission is prohibited. Instead of reproducing, please provide the link to the original article or use the share buttons provided.