The Market Gage – Gold & Silver Held Levels All Week

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Precious metals, especially gold and silver, have held key support levels all week as rising tensions between Russia and Ukraine has brought us an increase in global physical demand while paper traders with short positions have likely bought some of those positions back. Gold has traded into the mid $1,290.00s and silver the $19.90s, but a continuation of USD strength and good U.S. economic data has so far prevented further gains.

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The Market Gage – Overall Volume Continues Light

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Yesterday’s early morning short covering rally which may have been caused in part by discord within the French government was short lived, especially in silver where those gains were all given back during the U.S. trading day. Overall volume from all segments of the market continues to be light, but despite the strength of the USD and continued record bullish run in U.S. equities, gold and silver have held support at $1,275.00 and $19.25.

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The Market Gage – Tech Issues Delay Sunday Trading

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Trading resumed yesterday a bit later than usual as a technical problem with the Globex trading platform delayed the open by four hours. When trading did resume, physical demand in Asia was very light and with London closed today for a bank holiday overall volume to this point has been very low. Trading in the U.S. begins with all four precious metals marginally lower as U.S. equities are poised to open higher following a sharp rally in the German DAX Index.

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The Market Gage – U.S. Economic Data Suppressing Precious Metals

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Yesterday continued the recent run of better than expected U.S. economic data in the U.S., which kept a lid on gold and silver after both held support levels following the sharp sell-off. This morning finds our market trading on very light volume, but still holding support in gold at $1,275.00 and silver from $19.40 through $19.25.

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The Market Gage – FOMC Weighs Down Precious Metals

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Precious metals are continuing to feel the weight of yesterday’s hawkish FOMC minutes which showed that several committee members discussed the possibility of raising interest rates sooner than expected, citing stronger than expected job creation and the lower unemployment rate. The reaction of the USD was an immediate rally as the USD Index moved to an 11-month high pressuring gold and most commodities.

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The Market Gage – Review of new LBMA Silver Price

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Friday’s early sell-off in precious metals was somewhat short lived if only for gold and palladium, which reversed course on news that Ukrainian forces had attacked a Russian convoy. The rally that ensued in gold was met be sellers which continued overnight as gold has failed to hold $1,300.00. Palladium on the other hand continues to rally and this morning reached a 13 year high as it traded above $900.00.

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The Market Gage – Precious Metals Limp to Week’s Close

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Precious metals are limping to the finish line this week as technical factors outweigh geopolitical issues, which, while they have not gone away, have not escalated this week. After numerous attempts by gold to break above $1,320.00 and by silver to find traction above $20.00, both have moved lower in a big way, this morning with platinum and palladium doing the same.

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The Market Gage – Precious Metals Range Bound

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

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.

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The Market Gage – Geopolitical Headlines Dominate

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Geopolitical tensions continue to dominate the headlines and price direction. Those tensions have abated a bit over the weekend and precious metals have probed lower overnight. This morning finds gold and platinum trading below Friday’s settlement, with silver and palladium are trading above the line. While trading volume on the active futures contracts is low in all four precious metals, physical demand is surprisingly quite robust.

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The Market Gage – Analysis of Gold’s Narrow Ranges

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Precious metals, led by gold, came off the ropes with a flurry on Friday as a weaker-than-expected employment report brought us an early short-covering rally which was further supported throughout the day by good physical buying. Unfortunately, there has been no follow through overnight as all four precious metals are trading on light volume and this morning finds all four trading closely to Friday’s settlement prices.

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