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We start the week viewing strong inflows into the gold ETF funds. Fueling the rally is a continued weakness in the dollar. Dollar index below the 93 level, a level most Wall Street gold traders were looking for to confirm the bull is alive and well in the gold market.
Silver struggling here a little after a strong rally last week. Profit taking abound in the gray metal, as some believe the price rallied to fast and now needs to take a breather and consolidate at these levels before it can start another upward move.
Open interest in the CME gold contract stands at 549,520 contracts, at levels we have not seen in quite sometime which indicates there are a lot of speculators in the game. Nothing wrong with a lot of participants, it creates volatility which attracts investment.
Author Name: Walter Pehowich
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