Gold and Silver Update w/e 23rd December 2016
Today is Saturday 24th December 2016 and we are providing our gold and silver weekly update for the week ending 23rd December.
Gold fell in US dollar terms last week by just $1 from $1134 to $1133, having hit a high of $1142 and a low of $1126. In sterling terms gold finished the week at £922 that’s up £15, and in Euros it closed at 1083 Euros that’s down 2 Euros on the week.
Silver fell 32 cents from $16.10 to $15.78 having reached a high of $16.21 and a low of $15.64. In sterling terms it closed at £12.84 that’s down just 4 pence for the week and in Euros it closed at 15.09 euros that’s down 0.31 Euros.
The Gold to Silver Ratio rose from 70.43:1 to 71.8:1
The Dow Jones closed on Friday at 19,933 up 14 points on the day and up 90 points on the week, and the NASDAQ closed at 5462 up 15 points on the day and up 25 points on the week.
Brent Crude was down just 5 cents at $55.16 and US Light Crude was up $1.12 at $53.02
The dollar index stands at 103.01 that’s up 0.06 on the week.
We ended last week’s video with the words:
“Next week, we see additional downward pressure on both gold and silver prices, though attempted rallies are expected; however with most of the news out of the way, any demise is likely to be gradual.”
This is essentially what occurred; finally Gold markets rallied slightly on Friday as the market continues to grind back and forth.
The $1125 level continues to be supported, and a short term bounce is possible. Traders are currently stating that if this happens they will use it as a selling opportunity as the view in the trading rooms is that gold will fall below the $1100 level and into mid $1000 territory very soon.
Technically speaking, Gold prices flat lined ahead of the long holiday weekend as volume was thin, and prices stable.
Resistance on gold is seen near the 10-day moving average at 1,138, while support is seen near the July 2015 lows at 1,076.
Momentum is neutral with the MACD (moving average convergence divergence) index standing near the zero index level with a flat trajectory which reflects consolidation.
Like gold, Silver markets tried to rally on Friday also, but turned around and formed a shooting star like candle. It looks as if the market is going to continue to grind lower, perhaps reaching towards the $15 level at which point it is likely to be supported for a while. Again similar to gold, traders are advocating that any rally will present an opportunity to sell, and so we should still expect rather bearish performance for a while with a few exceptional days amongst the trend.
Next week’s trading is likely to be thin and so any movements can be exaggerated both to the up and the downside. We foresee primarily a week of consolidation with prices perhaps rising slightly initially but continuing their bearish trend into 2017.
We shall be producing our 2017 price forecast ne...
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