Editor’s Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today’s must-read news and expert opinions. Sign up here!
(Wallace Refiners) – Gold and silver futures lost their early gains and are trading moderately lower in late-morning dealings Friday. After posting good gains this week and hitting multi-week highs, shorter-term futures traders in both metals decided to ring the cash register and take some profits heading into the weekend. Also, gold prices were pressured following a U.S. existing home sales report this morning that was very strong, even beating lofty expectations. Still, both gold and silver markets are in near-term price uptrends on the daily charts, suggesting the path of least resistance for prices remains sideways to higher. June gold was last down $8.50 at $1,773.70.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Wallace Precious Metals and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.