Mid-Day Gold & Silver Market Report – 7/1/2013
GOLD BREAKS THROUGH RESISTANCE LEVEL
The Gold price added to gains in morning trading, continuing its recovery from June’s losses. iiTrader founder and CEO Rich Ilczyszyn told CNBC that “a close above $1,254.30 will signal a consolidation higher. Furthermore, a close above $1,275 will be needed to signal a slight reversal, and a likely trade up to $1,323.” According to Ilczyszyn, if the price can hold above the resistance level of $1,242.60, further increases could be ahead.
U.S. stocks have also advanced this morning, helped by strong economic data. John Roscoe of Roosevelt Investment Group Inc. said, “We’re in a period where good news is likely to be received well by the market. The stock market has already mostly digested the fact that rates are going to be higher. If we get confirmatory data, all else equal, it should imply better things for companies.” With low volumes due to the Independence Day holiday, high volatility is expected throughout the week.
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,259.80, Up $34.10.
- Silver, $19.81, Up $0.25.
- Platinum, $1,380.30, Up $40.40.
- Palladium, $686.70, Up $26.00.
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