Current Thoughts 6-9-16

From the Trading Desk:

Sustained USD weakness since last Friday’s poor US employment data has translated into safe haven buying for gold this week. For three days, the 50 day moving average (currently at $1,248.30) capped the market but gold decisively broke through it yesterday as the USD had its fourth consecutive down day against a basket of currencies. US treasury yields have trailed lower this week and the likelihood of a June Fed rate hike continues to diminish. The 50 DMA now becomes support right around $1,250 while $1,300 is the next key resistance level. Silver broke through its own 50 DMA yesterday and had a very impressive 4% move higher. It closed above the key $17 figure and has extended gains today. Near term resistance is at $17.50 but $18 is the major level to watch beyond that.

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About Doug Eberhardt

Doug Eberhardt is a 28 year financial services veteran and precious metals broker selling gold and silver at 1% over wholesale cost. Doug has written a book to help investors understand how gold and silver fit into a diversified portfolio, how to buy gold and silver, and what metals to buy. The book; “Buy Gold and Silver Safely” is available by clicking here Contact phone number for Buy Gold and Silver Safely is 888-604-6534


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