Dan Norcini: Gold clears $1650; looks firm

Gold clears $1650; looks firm

Gold has now managed two consecutive closes above chart resistance near $1650 and is looking firm at this hour. It has a very good shot at testing resistance at $1675- $1680 where it should experience some fairly heavy selling. If the bulls can break through that line, we should see a handle of “17” in front of the metal.

Weakness in the Dollar is aiding the progress of the metal higher.

Downside support comes in near $1640 – $1635 initially followed by $1620.

Silver is benefitting from risk trades being put back on as it and copper are both seeing decent inflows of investment money from hedgies. This is the first close ABOVE $30 for silver in over a month. Follow through in tomorrow’s session should see it make a run towards the $32.50 level, which is what stands between it and a push to $35.

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