[…] Gold and silver were rallying early, breaching 1350 and moving higher, on a weaker dollar and a ‘risk off’ reaction to the latest round of buying of financial paper.
However, gold was hit in the NY trade, and recovered only some of that, but still closing higher around 1347 with silver hanging another close over 20.
The chart formations remain highly positive for both gold and silver, but the needed breakout continues to elude.
The Royal Bank of New Zealand will be looking at a cut in their interest rates later tonight our time.
Let’s see what tomorrow brings.