Gold And Silver Find A Bid After Yesterday's Swoon

London (July 4)  Metals have stabilized in very thin trade overnight. With the U.S. holiday, markets will close early and we expect the range to remain tight, but caution should be expressed since any large orders can exaggerate moves. Overnight, North Korea’s intercontinental ballistic missile test unhinged some of the markets in the Far East.

Gold’s technical breakdown suggests that short-term weakness may continue but traders will look to see if we can hold the $1,220 line for a tradeable bounce. Interesting to note that silver in the low $16’s generated some aggressive silver buying from the retail sector. It may suggest that retail has not given up but is simply waiting for a price with a $15 handle.

Source: KitcoNews