Daily Gold & Silver Market Report – 4/20/2016

Marcey Hollon

4/22/2016 8:22:47 AM

SILVER SLIPS FROM 11 MONTH HIGH AS DOLLAR BOUNCES

Silver and Gold fell from recent highs as the euro jumped 1 percent against the dollar. Gold was able to gain 0.7 percent however is still down from its peak of $1,270.10. Silver retreated from its peak of $17.70, its highest point in 11 months, yet is on track for its largest gain since January 2015 after breaking through key chart resistance. "Silver has most certainly been developing its own strong momentum, the way it has rallied and outperformed gold," said Saxo Bank's head of commodities research, Ole Hansen. "Gold has been 'saved' this time round by silver, as demand has slowed."

"(Silver) could potentially be running out of steam ahead of the 17.80 high from last year, and that could trigger some profit-taking," Hansen said. "The strength of the market will be determined by whether $16.80 will be strong enough to cap the correction once it starts."

 

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