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Silver Weekly Technical Outlook + MORE

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Silver’s strong rally continued last week and reached as high as 17.72. Current development affirms the case of medium term reversal. Outlook will stay bullish as long as 16.17 resistance turned support holds. Silver should target 18.50 resistance next.

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Natural gas’ choppy rebound from 1.611 extended last week and further rise would be seen to 61.8% retracement of 2.495 to 1.611 at 2.157. Upside momentum isn’t too convincing yet and such rally could turn out to be a corrective pattern. Thus, we’d be cautious on loss of momentum and topping above 2…

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Dollar FMQ update

– .goldmoney.com

The Fiat Money Quantity continues to rise at an accelerated pace, and now stands at $14.286 trillion.
If it had continued to rise at the pre-Lehman crisis pace, it would be standing at only $8.474 trillion, a difference of $5.82 trillion. FMQ measures the quantity of money issued in return for the gold, first deposited in the forerunners to today’s commercial banks, and then transferred to the Fed after the creation of the Federal Reserve system…

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Crude oil’s rebound from 26.05 continued last week and further rise should be seen to 61.8% projection of 26.05 to 41.90 from 35.24 at 45.04. Firm break there will target 61.8% retracement of 62.58 to 26.05 at 48.63 next. In any case, near term outlook will stay bullish as long as 35.24 support holds…

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Gold was still bounded in the consolidation pattern from 1287.8 last week and outlook is unchanged. At this point, we’d expect strong support from 38.2% retracement of 1045.4 to 1287.8 at 1195.2 to contain downside in case of deeper fall. Rise from 1045.4 is expected at a later stage to break through 1287…

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Silver continued its stellar run this week, trading as high as $17.60 overnight in Asia on Thursday morning, and in mid-morning European trade today was 24.3% on the year, overtaking gold.
Gold finally caught a bid yesterday as well, running up as far as $1261 at the same time. Both metals opened strongly in US trading yesterday, with gold running up further still to $1270 and silver to $17…

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This week, clients have been net buying their metal positions; this was seen more so with the increased silver prices.
Clients have been speculating the market conditions and chasing the silver price as it increased. We have also seen an increase in the value of orders this week as clients take the opportunity to purchase gold at a lower rate…

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Gold-to-silver ratio, at 72.7 last Friday, has dropped to lowest level since October 2015. Indeed, silver has outperformed gold since the beginning of the year with +22.7% gains versus gold’s +15.9% increase. Going forward, the precious metal complex would benefit if Fed remains dovish, ECB keeps its monetary policy accommodative and global central banks continue to keep interest rates as exceptionally low levels…

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