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Gold $2,686.30 $(17.78) -0.66% Silver $31.40 $(0.55) -1.72% Platinum $971.19 $(25.27) -2.54% Palladium $997.25 $(27.04) -2.64%

Zaner Daily Precious Metals Commentary

Zaner Daily Precious Metals Commentary

With the Wednesday and Thursday trade in August gold producing wide ranges and ultimately producing a 180-degree sentiment change, support just above $1950 is given added respect.

However, gold appears short-term overbought from the surprise bounce yesterday which was largely attributable to the sharp decline in the dollar and because of softer-than-expected US jobs data.

Even though surveys earlier in the week showed only a 1 in 3 chance the US Fed would hike rates next week, yesterday's 18-month high in US initial claims provided gold with a significant wave of buying which reached $30 per ounce from the low...[MORE]

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