Dollar index below 98 and Euro rally this morning has given Gold a bid to the upside. Gold approaching the higher end of the recent trading range < $1,070 to $1,090 >, as sellers yesterday failed to push gold below its support level at $1,068.20.
Everyone still looking for the magical $1,100 level to be reached. In the absence of a FED rate hike next week, the only other vehicle that could propel gold above the $1,100 dollar level in my opinion would be a continued weaker dollar.
Silver also enjoying a bid off the soft dollar this morning, but still a bit away from its highs earlier in the week. Silver demand for product eased a little this week as the premiums for product traded slightly lower after the mint allocation number was announced on Monday. The $14.00 level seems to be set in concrete for the time being as retail investors support the level with good buying any time we approach that number.
For once the retail demand in silver has the Wall Street traders’ attention as they use that level for support in all their trading strategies.
Oil, as well as all the metals painted in green colors today.
Author Name: Walter Pehowich
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