A HOT SUMMER For Gold & Silver Prices?

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Gold Silver
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A HOT SUMMER For Gold & Silver Prices?

Postby Gold Silver » 31 March 2017



Gold and silver prices have continued to power higher this week, propelled by weakness in the dollar.
Gold is now up nearly 5% since the Fed hiked rates 2 weeks ago, trading up to critical resistance at its 200 day moving average near $1260.
While we wouldn't be surprised to see gold prices correct to the $1225 area here, when gold finally breaks out above $1260, a rally towards the 2016 post-Brexit high near $1380 is likely. Silver prices are trading even more impressively. Silver has already broken out above its own 200 day moving average, and is up 10% in the past 2 weeks.
The fact that silver is leading gold is a healthy indicator for the sector, as the silver to gold ratio continues to fall. The dollar plunged through the psychologically significant 100 level during overnight trading Sunday, as the market digested the fact that YUGE tax cuts promised by the Trump Administration are much less likely to materialize after Healthcare legislation failed to pass in the House. While the Fed will undoubtedly attempt to jawbone the metals back down with threats of further rate hikes, things are setting up for the potential for a HOT SUMMER in Gold and Silver.

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(Photo of Theresa May retrieved from https://commons.wikimedia.org/wiki/Fi...
Author: ukhomeoffice
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