Gold and Silver Update w/e 20th May 2016 by illuminati silver
Today is Saturday 21st May 2016 and we are providing our gold and silver update for week ending 20th May
Gold fell in US dollar terms last week by $21 from $1273 to $1252 an oz, having reached a high of $1288 and a low of $1244. In sterling terms gold fell by £23 and in Euro’s it fell by 10.7 Euros
Silver fell by 58 cents from $17.11 to $16.53 having reached a high of $17.39 and a low of $16.33. In sterling terms it fell 52 pence, and in Euros it fell by 0.40 Euros. The Gold to Silver Ratio rose from 74.4:1 to 75.7:1
The Dow Jones closed on Friday at 17,500 up 65 points on the day and down 35 points on the week, and the NASDAQ closed at 4,769 up 57 for the day and up 52 points on the week. Brent Crude was up $0.89 cents at $48.72 and US Light Crude was up $2.20 at $48.41. The dollar index stands at 95.33 that’s up 0.73 on the week its third consecutive weekly rise.
Gold steadied after two days of losses on Friday, but was on track for its biggest weekly slide in eight weeks on the back of a firmer dollar and indications from the U.S. Federal Reserve that it could raise interest rates as early as June. Technical analysts forecast that Resistance is seen near the 10-day moving average at 1,266, while support is seen near the April low at 1,208.
Silver markets fell during the course of the week, showing quite a bit of weakness. However, the $16 level had been previously resistive, and should be supportive now. Analysts are waiting see whether or not some type of bounce or supportive candle near the $16 level occurs in order to start going long again.
Many commentators are now coming to the opinion that rates may indeed rise in June, and this is shown by the recent relative weakness in stock market activity and the rise in the dollar index. At 95 the dollar is where the FED wants it to be and falls within our satisfactory predictive range. We still cannot see a rate rise in June, however there is no doubt that gold and silver markets are being affected. For those looking for $20+ silver, we do not see this happening but feel any price within the $15 range now represents a good value buying opportunity.
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