Silver as an investment

Market Report: Bullishness returning

wealth.goldmoney.com /  BY ALASDAIR MACLEOD / JUNE 08, 2017

Gold and silver prices moved further ahead this week, with gold up by $21 from last Friday’s opening (Friday was a strong day) to $1287 in early trade this morning (Thursday).

[Regular readers of this market report should note that it is written a day earlier than usual, because of the UK’s general election.]

Gold and silver prices moved further ahead this week, with gold up by $21 from last Friday’s opening (Friday was a strong day) to $1287 in early trade this morning (Thursday). Silver has also recovered from $17.27 to $17.65 over the same time scale. Importantly, gold rose on Tuesday towards the $1300-level, fractionally exceeding the previous test in mid-April, which makes this move up from the $1220 level significant.

So far, it has been mostly a bear squeeze on long dollar/short gold positions. But technically, there has been a strong reversal of fortunes for gold, as our next chart illustrates.

The power of the drive through the two most watched moving averages, which look increasingly to be confirmed as a text-book “golden cross” (the shorter moving average rising above the longer, with the price higher than both) is being taken positively by traders. The result is traders are beginning to open long positions, tipping the consensus view towards bullishness.

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