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Gold
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By scotiabank Trading Desk Reuters: MMCN Global Research Gold & Silver Marketwatch Daily Update Market Commentary Gold was virtually unchanged, opening the day at 1299.75/1300.75. After the open, the metal fell briefly to a low of 1299.25/1300.25 before rising on dollar weakness to a high of 1303.75/1304.75 after U.S. GDP data fell marginally short of expectations. A recovery in U.S. 10-year Treasury yields limited gains as gold softened towards the end of the day, closing at 1301.50/1302.50. Silver moved higher overnight, opening the session at 16.42/16.47. It touched a low of 16.40/16.45 before following gold to a high of 16.54/16.59, prior to concluding the session at 16.50/16.55. Technical Commentary Gold closed modestly higher today, at 1302. Resistance is firm at 1307.90 - the 200 Day MA. Support is at 1286 - the 61.8% Fibo retracement level of the Dec - Jan rally. MACD is positive; however, I remain bearish on gold as long as it closes below the 200 Day MA. Silver closed higher today, at 16.53. Resistance is at 16.70 - the 50% Fibo retracement level of the April - May decline. Support is at 16.36 (23.6% Fibo level). MACD is inconclusive while momentum has turned negative and I remain bearish on silver as long as it closes at or below 16.55 (38.2% Fibo). The gold-silver ratio closed lower today, at 78.77. Resistance is at 79.70 - the 100 Day MA. Support is at 77.93 - the 200 Day MA, with near term support at 78.59 - the 76.4% Fibo retracement level of the Feb - April rally.

ABOUT GOLD STOCK

GOLD STOCK is a privately owned wholesale precious metals company specializing in the distribution and refining of precious metals, such as gold, silver, platinum and palladium. Our clients are Banks, Hedge Funds, Investors, Jewellers, Bullion Dealers, Coin Dealers, Jewelry Manufacturers, and Precious Metal Refiners. The company was founded by former goldsmiths and has since grown to establish its brand throughout Canada and the USA.

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By offering the most competitive prices on precious metals, we have become the market leader in Canada.

Whether you are visiting the Gold Stock online store to make a small investment or placing a bulk order, our team is dedicated to ensuring your satisfaction. Payment options are flexible and there are no hidden charges. We have a support team ready to assist you with any questions you may have. You can also visit us in person at one of our two locations - Toronto and Mississauga, in Ontario.

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