Welcome to illuminati silver, we tell you
the truth about silver. Today is Saturday 17th December 2016 and we
are providing our gold and silver weekly update for the week ending 16th December.
Gold fell in US dollar terms last week by $24 from $1158 to $1134, having hit a high
of $1165 and a low of $1123. In sterling terms gold finished the week at £907 that’s down
£14, and in Euros it closed at 1085 Euros that’s down 11 Euros on the week.
Silver fell 76 cents from $16.86 to $16.10 having reached a high of $17.22 and a low
of $15.90. In sterling terms it closed at £12.88 that’s down 53 pence for the week
and in Euros it closed at 15.40 euros that’s down 0.56 Euros.
The Gold to Silver Ratio rose from 68.68:1 to 70.43:1
The Dow Jones closed on Friday at 19,843 down 8 points on the day but up 87 points on the
week, and the NASDAQ closed at 5,437 down 19 points on the day and down 7 points on
the week. Brent Crude was up 88 cents at $55.21 and
US Light Crude was up 40 cents at $51.90 The dollar index stands at 102.95 that’s
up 1.36 on the week. Gold markets initially rallied at the start
of the week and then fell for the duration. It attempted another rise on Friday but turned
around to form a negative looking candle. Technical target support is seen near the
July 2015 lows at $1,076, while resistance is seen near the 10-day moving average at
$1,157. Momentum has turned negative as the MACD (moving average convergence divergence)
index recently generated a crossover sell signal.
Silver markets initially tried to rally but found the $17 level far too resistive. A considerable
negative candle was formed which sliced through the bottom of the previous candles, and even
breached the $16 handle. In addition on Friday despite an initial rally, a shooting star
was formed; these are extremely negative and is likely to suggest $15 silver and possibly
even lower. Well the FED raised rates last week by 0.25%,
forecasted 3 rate rises next year and another 2 for 2018. Whether these occur or not, the
markets view them as possible, and we saw this with bond yields rising and the dollar
index surpassing 103 at one point. This is likely to cause investment monies to neglect
gold, and coupled with potentially falling demand from its primary consumers in China
and India in the coming months, gold prices may be hit hard in the medium term and any
bounce is likely to be short lived. Next week, we see additional downward pressure
on both gold and silver prices, though attempted rallies are expected; however with most of
the news out of the way, any demise is likely to be gradual.
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