What is causing this silver and gold to rally big today fundamentally, is the fact that the Fed has decided to keep rates low and according to Bloomberg this is, "driving the dollar down and boosting demand for the metals as alternative investments." This sounds strange and I would love to trust it as a "Gold Bug" at heart, but this is yesterday's news-no? At any rate July silver (COMEX:SIN14) is up over $1/ounce and August gold (COMEX:GCQ14) is up over $48/ounce today.
From a technical standpoint, both silver and gold have taken out several areas of resistance in my view, given a buy signal, and turned into a
"Super-Trend" up all in one day.
Daily August gold, eSignal
Daily, July silver, eSignal
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