Gold (GLD) Bulls Charge $1630/oz
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For the second day in a row, commodity traders are focused on gold and silver. After trading in a tightening range for the past two weeks, gold broke loose yesterday and is now looking to testing the upper end of its larger trading range at $1630. Spot gold currently trades at $1618 per ounce.
The two day bull charge began following a WSJ report regarding a potential Fed move to spur the economy in the U.S. As a result, the U.S. dollar reversed and precious metals are ramping higher. Also, the ECB's Draghi made comments this morning about protecting the Euro 'at all costs'.
SPDR Gold Shares (NYSE: GLD) is expected to open higher. iShares Silver Trust (SLV) should also open higher, inline with the spot price of silver which is now at $27.74 per once. Silver will face resistance at $28.50.
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The two day bull charge began following a WSJ report regarding a potential Fed move to spur the economy in the U.S. As a result, the U.S. dollar reversed and precious metals are ramping higher. Also, the ECB's Draghi made comments this morning about protecting the Euro 'at all costs'.
SPDR Gold Shares (NYSE: GLD) is expected to open higher. iShares Silver Trust (SLV) should also open higher, inline with the spot price of silver which is now at $27.74 per once. Silver will face resistance at $28.50.
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