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Gold $2,064.45 $20.44 1% Silver $22.90 $0.23 1.01% Platinum $881.66 $2.33 0.26% Palladium $959.98 $20.24 2.15%

Zaner Daily Precious Metals Commentary

Zaner Daily Precious Metals Commentary

While August gold has managed to maintain yesterday's recovery bounce, the gold market starts Tuesday's trade in the middle of the near-term anticipated trading range of $1950 and $2000.
 
With the August gold contract falling sharply yesterday, posting a 4-day low early and then mounting an impressive $22 per ounce recovery off the low, the market might have become short-term oversold.
 
Not surprisingly, the silver market also forged a range-down reversal from the initial low of $0.25. We suspect the ability to reject the early washouts on Monday was primarily the result of a reversal down in the dollar index which by midsession was trading 38 ticks below the early high...[MORE]
 
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