Precious Metals Higher This Week; Gold Up 6 Days In A Row
Precious Metal Futures-- Precious metals finished this week strong with gold leading the charge higher finishing up for the 6th consecutive trading session in the August contract to trade right around 1,631 up around another $11 dollars on strong demand and higher by over $40 dollars for the week continuing its bullish momentum while silver futures for the week traded in a sideways pattern up around $.20 today to trade right at 28.61 an ounce only up around .15 cents for the week. Silver futures have been in a sideways pattern for the last several weeks and really does not have a trend, however in my opinion it looks like silver possibly may have bottomed and is starting to climb the ladder higher while gold futures major resistance is at the five week high of 1,642 which was hit last week if that is broken I think you could head all the way back up to 1,670 or even higher very quickly due to the fact that investors are using the gold market as a currency at this point. Platinum futures for the October contract soared this week around $70 higher while today traded quietly up around six dollars to close right around 1,500 an ounce also due to the fact of buyers coming in thinking that prices have gotten too cheap in the precious metal sectors while copper futures had also a very solid week to the upside last week closing at 328.50 and this week settling up about 1000 points in the July contract at 338.50 right near a three week high on optimism that the Greek elections will be positive for commodities and stocks. In my opinion I believe a lot of commodities have bottomed in the last couple of weeks and it looks like they're starting to turn the corner especially gold, platinum, and in my opinion it looks like silver is in the bottoming pattern with really solid chart structure which tells me that something is going to happen in a big way in silver prices in the next couple of weeks. The U.S dollar was sharply lower against the euro currency this week due to the fact of the Spanish bailout and major profit taking in the U.S dollar sending it lower against most of the major foreign currencies propelling many commodity prices including the precious metals higher this week.
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