Gold has posted a rally in prices since yesterday after last week’s sharp drop largely linked to the expiration of the June contract. The weakness of the silver was not of the same magnitude. The economic indicators published yesterday are not very encouraging with new jobless claims exceeding expectations, in line with the revision of the US GDP to -5%. Orders for durable goods were slightly better than expected. Conditions therefore remain very favorable for precious metals because central banks will certainly have to accentuate their accommodative policy.
Silver prices are in a consolidation phase between 17.60 Usd and 16.70 Usd which is part of an uptrend as long as the bottom of this horizontal channel is not broken.
Source Dailyfx
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