Dynamics
On Monday, Sept. 14 at the tender quotes for gold and silver declined slightly in price against the background of strengthening the U.S. currency in FOREX, and because of positive technical factors.
As a result of trading on the COMEX, division of the New York Mercantile Exchange (NYMEX) quotes for gold decreased by 5.30 to 1001.10 dollars per troy ounce, silver prices fell 8 cents to 16.62 dollars per ounce.
Causes
On Monday, September 14 quotes for precious metals market showed a slight downward trend in prices on the background of a strengthening U.S. currency on the FOREX market with quotes gold futures closed above the $ 1000 per troy ounce, which is important psychologically - technical level . The technical picture is also did not stand aside - the level of firmness to 970 dollars per troy ounce, indicates the tendency of quotations to growth.
From news can note the message Canadian Aura Silver Resources Inc. successful results of testing on the field Taviche - a joint venture with Intrepid Mines Ltd., located in Oaxaca, Mexico. These results increase the possibility of detecting large-scale blagorodnometalnogo mineralization within the investigated area. To date, the company is planning the second phase of drilling, which will include at least 3 km. new wells. In ore occurrences are two types of ore: predominantly silver and mostly gold, for which the most revealing ore intersections are as follows: for Ag - 5,45 m, with an average content of Ag 201,5 g. /t, Au - 0,020 g. /t. , 4,35 m, with an average content of Ag - 71,1 g. /m., Au - 0,100 g. /m., 0.95 m., with an average content of Ag - 1140,0 g. /m., Au — 0,056 g. /m.; for Au: 1,25 m, with an average content of Au - 0,690 g. /ton, Ag - 6,8 g. /t.
What to expect?
The main positive factor in the gold market is that gold is often bought according to the U.S. dollar, because the metal is used to hedge against the weakening U.S. currency, that is to say that gold acts as an alternative currency.
Why worry?
negative factor in the precious metals market continues to be a technical pattern, namely the fact that prices have reached a big round numbers - $ 1000 per troy ounce, while many of the indicators included in the oversold zone. If rush quotes above, it is possible to increase the correction movements and profit-taking by market participants.
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