Precious Metals Recap – 5/12/2017 | RJO FuturesPosted 05/12/2017 3:54PM CT |
June Gold closed up 3.8 at 1228. This was 3.6 up from the low and 3.6 off the high.
July Silver finished up 0.00175 at 0.1644, 0.00035 off the high and 0.0014 up from the low.
Both gold and silver markets made fresh four day highs today and posted fairly impressive gains off this week’s lows. After weathering strength in the dollar early in the week the dollar’s sharp range down washout provided a fresh long side impetus. It is also possible that a slight tempering of June rate hike fears added to gold and silver’s strength today. With US schedule data today soft and Washington in a political dual instead of focusing on pro-growth policies. One could suggest economic uncertainty is higher at the end of the week than it was at the beginning of the week.