Gold and Silver Update – w/e 31st March 2017

and Silver Update – w/e 31st March 2017

Today is Sunday 2nd April 2017 and we are providing our gold and silver weekly update for the week ending 31st March

Gold rose in US dollar terms last week by $5 from $1244 to $1249 having hit a high of $1,260 and a low of $1,240. In sterling terms gold finished the week at £995 that’s down £2, and in Euros it closed at 1,172 Euros that’s up 20 Euros on the week.

Silver rose by 49 cents from $17.77 to $18.26 having reached a high of $18.28 and a low of $17.77. In sterling terms it closed at £14.55 that’s up 30 pence for the week and in Euros it closed at 17.14 euros that’s up 0.69 Euros.

The Gold to Silver Ratio fell from 70:1 to 68.4:1

The Dow Jones closed on Friday at 20,663 down 65 points on the day and up 67 points on the week, and the NASDAQ closed at 5911 down 2 points on the day and up 83 points on the week.

Brent Crude rose $2.73 to $53.53 and US Light Crude rose $1.82 cents to $50.60

The dollar index stands at 100.35 that’s up 0.73 on the week.

Gold last week made a concerted effort to rise above the resistance level of $1250, but soon fell back especially on Thursday as a stronger dollar and technical factors weighed in.

Solid U.S. economic data and hawkish commentary from Fed officials earlier in the week helped support the dollar. According to government data, the U.S. economy grew at a rate of 2.1% in the final quarter of last year, more than was expected. The revised U.S. Gross Domestic Product data showed that U.S. fourth quarter growth slowed less than previously reported as consumer spending provided a boost that was partially offset by the largest gain in imports in two years.

This coming week is going to be important for gold prices as we feel it may set the trend. Our view at the moment is that gold may now weaken slightly, however political uncertainty and especially some of the Investigations into relationships with Russia etc may have an impact. However economically we are watching very closely as the dollar is somewhat uncertain as to which direction to move next.

Traders are of the view that gold should only be bought if it exceeds the resistance level of $1260, otherwise, they should wait until $1220 is reached before considering another purchase. The FOMC minutes will be published this week and these too will help provide an indicator for the future direction of gold.

Silver last week provided a different story. Silver markets broke higher during the week, clearing the $18 level. Ultimately, the Silver markets look positive and should prices break above the $18.50 level, then it may very well target $20 in the weeks to follow. We are however expecting a slight pull back this week simply because of its recent strength, and it too will be subject to some degree to any indications on interest rates. A few months ago we stated that silver was likely to perform better than gold this year, and we have seen little to cause us to change our mind. Having said that, please please forget all this bull about $50 silver this year that some of the pundits are pushing out there.

Please view our recent videos:

Eurozone Businesses Growing at fastest rate for 6 Years and Silver Update – w/e 24th March Director confirms investigation into Trump/Russia the World Economies already on a growth and Silver Update – w/e 17th March 2017 and Silver Update – w/e 10th March 2017 Silver, China, Russia, Trump - Full Interview with Greg (1- Trump's Presidency - Good or bad? - (Interview 5) with and Silver Update – w/e 3rd March 2017 Copper, Fiat Currency, debt Clock and Gold - Interview with Greg (Part and a Gold backed currency - Interview with Greg (Part and Silver Update – w/e 24th February 2017 Silver Video Update Notice

from
http://jarrettboone.blogspot.com/2017/05/gold-and-silver-update-we-31st-march.html