A-Mark Bullion Update
It’s been a very slow day so far with gold trading in an uninspiring $10 range. As expected, the European Central Bank kept rates unchanged and signaled the possibility of fresh stimulus later this year. ECB President Mario Draghi commented that the central bank stands ready to adjust the duration, composition, and size of the central bank’s quantitative easing program. This allowed the USD to gain against the euro while gold gently sold off lower. The 200 day moving average at $1,175 is near term resistance while $1,155 will attract bids on a further move south. Silver continues to consolidate under $16 with support well below here at the 100 day moving average of $15.25.