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Gold & Silver Prices Jump Ahead of New Data

After starting the morning on a slow note, gold and silver prices started to jump around 11am CST. Precious metals market analysts attributed the jump in the metals’ values to fresh economic data that is scheduled to be released throughout the day. Despite a slightly stronger dollar and some institutional selling gold and silver were both up substantially at the time of writing of this article. Gold (at 11am CST) was up $11.80 to $1391.80 per ounce, and silver was up $0.23 per ounce to $21.91.

Short covering was a big reason that gold prices spiked as both gold and silver appeared to be fast approaching key technical support levels for bulls. According to analysts, if gold is able to cross the $1400 benchmark this week and if silver can achieve and hold a threshold of $22 or more through Friday, the long-term technical advantage could go to and stay with the bull market.

Four key pieces of data are scheduled for release today, and economists’ expectations of what those reports will hold in terms of national financial news also aided gold and silver bullion prices. The MBA mortgage loans applications report will be released today, as will the DOE’s weekly energy stocks report. The U.S. Treasury’s budget report often boosts gold prices when the budget ends up tighter than economists expected, and the World Bank’s global prospects report gives investors around the world, not just in the United States, an idea of what may be in store for gold in the coming weeks. Visit us on Friday here at the Gold Silver market Update page for a review of these reports and to learn their long term effects on gold and silver coin and bullion values. 

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