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Gold and Silver Update w/e 15th April 2016 - by illuminati silver


Today is Saturday 16th April 2016 and we are providing our gold and silver update for week ending 15th April.

Gold fell in US dollar terms last week by $3 from $1240 to $1237 an oz, having been as high as $1261 and as low as $1223. In sterling terms gold fell by £6 and in Euro’s it rose by 8 Euros.

Silver rose by 88 cents from $15.36 to $16.24, having reached a high of $16.32 and a low of $15.36 – in fact it did not fall below its week’s opening level. In sterling terms it rose 56 pence, and in Euros it rose by 0.92 Euros.

The Gold to Silver Ratio fell considerably from 80.73:1 to 76.17:1
The Dow Jones closed on Friday at 17,897 down 29 points on the day but up 321 points on the week, and the NASDAQ closed at 4,938 down 7 for the day and up 88 points on the week. Brent Crude was up a little over $1 at $43.10 and US Light Crude was up a little over 60 cents at $40.36. The dollar index stands at 94.69 that’s up 0.46 on the week.

Technical analysts see gold resistance at around the $1260 level and silver, now at least short term, appears to have support at $15.70 and resistance at $16.60. Silver may indeed reach new recent highs next week and there may be some pull backs too, but before one panics it is important to bear in mind that silver actually surpassed $18 in 2015 and fell back down again – though we are reasonably confident that the lows for silver seen towards the end of 2015 will not be reached again during the next 6 months, if at all in 2016.

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