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Thread: Something Brewing Beneath Surface for Gold and Silver - Trader

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    Default Something Brewing Beneath Surface for Gold and Silver - Trader

    Gold is holding on to most of its recent gains following the latest U.S. housing sector data that showed a further slowdown in purchases in coming months. The gold market remains near its one-month high in initial reaction. "Gold pulled back to $1,262 overnight, after seeing solid support at $1,260. Silver fell back to $17.22, with solid support at $17.00," explained Todd "Bubba" Horwitz of "Both precious metals look good and should bounce from here, there is something underneath the surface pushing the metals higher," he added. August Comex gold last traded at $1,269.30 an ounce, up 0.28% on the day. The metal is now awaiting for the afternoon release of the Federal Reserve’s Beige Book report, which is not expected to derail the Fed from a widely expected June interest-rate hike.

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    Should we see the usual seasonal dip in the Precious Metals sector during this month and possibly into July, it won’t alter the Big Picture set out here and it should be seized upon as a buying opportunity, although what we are seeing in the dollar now suggests that the seasonal dip may not happen this year.

    George Tsourdinis

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