http://illuminatisilver.comhttp://facebook.com/illuminatisilverGold and Silver weekly Update – w/e 16th February 2018
Today is Sunday 18th February 2018 and we are providing our gold and silver weekly update for the week ending 16th February 2018.
Gold rose $36 from $1,316 to $1,352 having hit a high of $1,361 and a low of $1,315. In sterling terms gold finished the week at £963 that’s up £12, and in Euros it closed at 1,089 Euros that’s up 15 Euros on the week.
Silver rose 31 cents from $16.36 to $16.67 having hit a high of $16.98 and a low of $16.34. In sterling terms it closed at £11.88 that’s up 5 pence and in Euros it closed at 13.43 euros that’s up 0.08 euros.
The Gold to Silver Ratio rose from 80.40:1 to 81.10:1
The Dow Jones closed on Friday at 25,219 up 19 points on the day and up 1,029 points on the week, and the NASDAQ closed at 7,239 down 16 points on the day but up 465 points on the week.
Brent Crude rose $2.05 from $62.79 to $64.84 and US Light Crude rose $2.48 from $59.20 to $61.68
The dollar index stands at 89.10 that’s down 1.34 on the week.
Without doubt and to our surprise to be fair, the U.S. Dollar had a significant and positive impact on gold prices last week as it closed near a three-year low against a basket of major currencies while posting its biggest weekly loss in nine months.
Technical analysts are quoting support levels near the 10-day moving average at $1,333 while resistance is seen as being near $1,365.
We however are not changing our view about further gold price weakness in the weeks ahead. U.S. consumer prices rose considerably more than expected in January, fuelling fears that inflation is about to turn dangerously high if not higher. The Consumer Price Index rose 0.5 % last month against projections of a 0.3% increase. This will undoubtedly fuel speculation of rising interest rates in the very near future and a potentially increasing value of the dollar.
With a rapid turnaround of stock market prices last week, and further rises anticipated, we believe that gold will face somewhat of an uphill struggle to advance much further from current levels, especially if Treasury yields also continue to rise.
Silver prices also rose last week though once again the gold to silver ratio increased. Again it’s a dollar play, however we are a little more bullish about silver in that the GSR is high at 81 and also most experts agree with us that the floor in silver is at or around the $15 level meaning there is very limited downside for this precious metal.
We believe that prices may soften soon, unless the dollar continues to fall, however short term, we believe that any silver price rally will be very much kept in check.
Please view our latest videos:
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