Zaner Precious Metals Report

Thursday, February 21, 2019 9:47:26 AM America/Chicago

With the noted range up move yesterday clearly reversed today and the declines taking place without notable outside market influences or significant geopolitical headlines, the markets have the feeling of a corrective mode. Certainly given a very significant four day rally in gold and silver, the markets are short-term overbought and perhaps they ran into psychological resistance at key chart levels.

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Zaner Precious Metals Report

Wednesday, February 20, 2019 3:17:16 PM America/Chicago

The precious metals complex soared yesterday in a move that seemed to be outsized. Nonetheless, the dollar washout & reversal was indeed significant and therefore gains in gold in particular were justified. Apparently some traders think there will be progress on US/Chinese trade talks this week and that in turn is expected to set the stage for significant additional downside safe haven liquidation in the dollar.

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Zaner Precious Metals Report

Friday, February 15, 2019 11:12:15 AM America/Chicago

From a classic technical perspective, the gold market yesterday forged a key reversal with a new low rejected and a higher close and more importantly it has followed up that action with an upward extension this morning. Obviously the inability of the US dollar to hold its probe above 97.00 fostered some renewed optimism toward gold especially with US data soft enough this week to facilitate fresh economic uncertainty.

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Zaner Precious Metals Report

Thursday, February 14, 2019 9:43:41 AM America/Chicago

After showing some resilience over the last two weeks the gold market appears to have lost its bullish vibe and sits just above a key failure point on the charts in the early trade today. In fact with the gold market down six dollars in the face of another upside breakout in the dollar it is clear the market is facing increased currency market pressures.

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Zaner Precious Metals Report

Wednesday, February 13, 2019 8:44:40 AM America/Chicago

While the Dollar range up extension pressured gold and silver prices in the Tuesday morning trade, the Dollar fell back in a fashion that the bear camp in gold has to be a little frustrated. In fact the gold bulls seem to be capable of shifting their focus from bearish outside market forces (like risk-on and declining macroeconomic flight to quality) to alternative bullish themes like the hope for a recovery in physical demand.

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Zaner Precious Metals Report

Tuesday, February 12, 2019 10:38:56 AM America/Chicago

While the gold market finished sharply lower yesterday it showed signs of holding up to the significant pressure flowing from the rally in the dollar. This morning gold and silver are showing positive traction in the face of a minimally higher US dollar and a risk on environment from talk of a budget deal and from gains in equities.

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Zaner Precious Metals Report

Monday, February 11, 2019 10:45:03 AM America/Chicago

With the equity markets throwing off a minimal amount of risk on sentiment, the dollar ranging upward again and a lack of trade news from Beijing the bear camp in gold and silver has control to start the trading week. Clearly the market discounted news that Chinese gold reserves at the end of January increased to 59.94 million Troy ounces compared to 59.56 million Troy ounces at the end of December.

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Zaner Precious Metals Report

Friday, February 8, 2019 9:04:30 AM America/Chicago

All things considered gold and silver prices have stood up to patently bearish dollar action this week even if a pattern of lower highs and lower lows has prevailed thus far. It is possible that today's action in the currency markets will be somewhat reserved due to a lack of critical US scheduled data.

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Zaner Precious Metals Report

Thursday, February 7, 2019 11:06:13 AM America/Chicago

While the gold and silver markets initially held up impressively in the face of strength in the dollar yesterday, ultimately they faltered and have extended into further new low for the move ground this morning

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Zaner Precious Metals Report

Wednesday, February 6, 2019 1:18:15 PM America/Chicago

Despite a bit of renewed safe haven psychology from weak U.S. and European data, renewed fears of another US government shutdown, forecasts of expanding central bank gold demand and upbeat silver Institute projections for silver, prices have started out under pressure.

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