Precious Metals Recap – 2/21/2017 | RJO FuturesPosted 02/21/2017 3:39PM CT |
April Gold closed down 2.1 at 1237. This was 10.2 up from the low and 3.2 off the high.
March Silver finished down 0.0006 at 0.1797, 0.001 off the high and 0.00155 up from the low.
Once again, gold and silver forged noted downside probes on the charts before recovering impressively from those declines. With the US dollar higher and a prominent risk on vibe emanating throughout the marketplace, one might’ve expected the early declines to have sustained. Gold and silver might have been helped up off their lows by comments from the Minneapolis Fed who suggested that the US economy had further to run before it would kick up inflation threats. In other words, the threat of a March rate hike might be downplayed and the economy might be allowed to gather greater momentum than many were expecting.