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Gold Weekly Technical Outlook + MORE

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Gold and silver prices started the week at a low point, with gold touching $1200.
Round numbers such as this can take on an importance for traders. Silver found support at $15.90 before rallying, but on Wednesday, dipped below this level briefly, trading as low as $15.84. So the post-Monday rally in gold was not confirmed by silver, making the consolidation over the week just that, it being too early to say the May sell-off is over…

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Hopes of a Fed funds rate hike in summer diminished markedly following the soft US employment report. Bets for a June rate hike plunged to around 4% on Friday, down from 30% a week ago, while those for a July hike fell to 41%, from above 50% last week. Treasury yields plunged shortly after the report…

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Crude oil continued to lose upside momentum last week as seen in bearish divergence condition in 4 hours and daily MACD. At this point, there is no confirmation of topping yet and further rise could be seen. But upside would likely be limited by 100% projection of 26.05 to 41.90 from 35.24 at 51.09 to bring a pull back at least…

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Vancouver, BC, Canada –June 3, 2016 — Miranda Gold Corp. (‘Miranda’) (TSX-V: MAD) is pleased to announce that it proposes to raise up to $1,500,000 by way of a non-brokered private placement through the issuance of up to 16,666,667 units at a price of $0…

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Silver dropped to 15.83 last week but lost much momentum after hitting 50% retracement of 13.62 to 18.05 at 15.38. Bullish convergence is also seen in 4 hours MACD and rebound should be due. Break of 16.58 resistance will confirm near term bottoming and turn bias back to the upside for 18.05 high.

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Natural gas’s rise from 1.611 resumed last week and surged to as high as 2.454. The strong upside momentum argues that medium term trend is reversing. Initial focus in on 2.495 key resistance this week. Sustained break there will pave the way to 161.8% projection of 1.611 to 2.195 from 1.909 at 2.854 next…

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Gold drew strong support from 55 weeks EMA and 38.2% retracement of 1045.4 to 1306.0 and rebounded last week. Further rise would likely be seen initially this week but we’d expect upside to be limited by 1306.0 resistance and bring another fall. Below 1199.0 will target 61.8% retracement of 1045.4 to 1306…

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This week, clients have continued to net buy silver and platinum, whilst net selling gold and palladium.
Clients have been taking advantage of the lower pricing on precious metals, particularly silver and platinum. Silver is struggling to stay above the psychological level of $16.00/oz and platinum has retreated back below $1,000…

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