Precious metals are higher across the board this morning on light volume as geopolitical headlines continue to dictate price direction. Of note this morning, all four precious metals are once again trading above their 10, 50 and 100-day moving averages. While this is usually a bullish sign, it was not the case last week and with low volume or a lack of follow through, today or tomorrow could prove to be a 'sell signal.'
CFTC data for last week showed a sharp increase in speculative short positions in gold, while long positions were being liquidated. On the flip side, gold ETF holdings had a positive week and grew for the fourth straight week. Gold should remain in the leader’s chair this week where support should be expected in front of $1,300.00, while resistance can be expected at $1,320.00 and $1,340.00.
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