Precious Metals Recap – 4/17/2017 | RJO FuturesPosted 04/17/2017 3:45PM CT |
June Gold closed down 2.4 at 1286.1. This was 3 up from the low and 11.3 off the high.
May Silver finished down 0.0009 at 0.1842, 0.00235 off the high and 0.0005 up from the low.
While gold and silver showed ongoing strength to start the trading week overall technical action today was not favorable to the bull’s case. Granted a long list of geopolitical issues remain in the headlines but there doesn’t appear to be a fresh incident to add markedly to recent gains. However the prospect of even more dollar declines ahead provides cushion against overbought gold and silver pricing. One could suggest that silver is the most overbought of the metals complex in the wake of a record spec and fund long reading this week.