Gold and Silver Update w/e 13th May 2016 - by illuminati silver
Today is Sunday 15th May 2016 and we are providing our gold and silver update for week ending 13th May
Gold fell in US dollar terms last week by $15 from $1288 to $1273 an oz, having reached a high of $1288 and a low of $1257. In sterling terms gold fell by £6 and in Euro’s it fell by 3 Euros
Silver fell by 36 cents from $17.47 to $17.11 having reached a high of $17.57 and a low of $16.87. In sterling terms it fell 19 pence, and in Euros it fell by 0.18 Euros. The Gold to Silver Ratio rose from 73.7:1 to 74.4:1
The Dow Jones closed on Friday at 17535 down 185 points on the day and down 205 points on the week, and the NASDAQ closed at 4,717 down 19 for the day and down 19 points on the week. Brent Crude was up $2.46 cents at $47.83 and US Light Crude was up $1.55 at $46.21. The dollar index stands at 94.60 that’s up 0.72 on the week.
Gold rose on Friday but met some resistance just around the $12.76 level following a stronger than expected US retail sales report which showed that retail sales rose by 1.3% in April.
Technical analysts are a little concerned in that the MACD or moving average convergence divergence index is generating a sell signal, though consolidation just below these levels is more likely short term.
Silver fell early in the week, only to peak mid-week, falling on Friday, and then recovering some lost ground. Technical analysts suggest there is strong support around the $16 level and believe silver may indeed surpass $18 over the course of the next week or so. We still see considerable volatility and suspect that prices will now move more or less in close alignment with gold for the next couple of months, now that the gold to silver ratio appears to have settled in the early to mid 70’s.
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