http://illuminatisilver.comhttp://facebook.com/illuminatisilverGold and Silver Update – w/e 10th March 2017
Today is Sunday 12th March 2017 and we are providing our gold and silver weekly update for the week ending 10th March
Gold fell in US dollar terms last week by $30 from $1,234 to $1,204 having hit a high of $1,236 and a low of $1,195 In sterling terms gold finished the week at £989 that’s down £14, and in Euros it closed at 1,128 Euros that’s down 33 Euros on the week.
Silver fell by 94 cents from $17.97 to $17.03 having reached a high of $17.97 and a low of $16.85. In sterling terms it closed at £14 that’s down 61 pence for the week and in Euros it closed at 15.96 euros that’s down 0.96 Euros.
The Gold to Silver Ratio rose from 68.67:1 to 70.70:1
The Dow Jones closed on Friday at 20,902 up 44 points on the day and down 103 points on the week, and the NASDAQ closed at 5,861 up 22 points on the day and down 9 points on the week.
Brent Crude fell $4.53 at $51.37 and US Light Crude fell $4.84 at $48.49
The dollar index stands at 101.25 that’s down 0.19 on the week.
Gold prices fell sharply last week and below the psychological $1200 floor. As we suggested in our forecast, the prospect of an interest rate rise on March 15th and an increasing probability of a number of rises during 2017 weighed heavily on gold and boosted the dollar. The jobs figures on Friday however were strong with 235K jobs created against an expectation of 196k, though other aspects were mixed, and this gave some relief to the dollar strength and gold moved slightly above the $1200 psychological level.
It is now almost certain that the FED will raise rates on Wednesday by 0.25% but this has, to a large extent been taken in to account by the markets. All eyes will be on the FED’s Statement about future interest rate rises and this will dictate the longer term direction of gold and silver prices.
From a technical trading point of view, support is seen near the January 26th lows at $1,180, while resistance is seen near the 10-day moving average at $1,226.
Silver also took quite a beating last week and only just managed to hold its head above the $17 level. That said, we may see a slight firming of prices this week though we are not expecting major moves in either direction. As we have suggested for the past few weeks, it does make sense to buy during periods of weakness if your portfolio is light of precious metals.
The long term trend will be dictated by the Central Bank’s policy announcements. However, that said, we see limited downside to both gold and silver – yes its possible there may be a further $1 fall in silver and $100 in gold – but that is tiny compared to the potential upside over the longer term. So we ourselves are becoming gradual, slow accumulators on weakness. This week should see a slight firming until the FED declares its hand.
This week we are providing our gold and silver price forecasts; Later than expected but it was important to see how the Trump Presidency begun to roll.
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