March 31, 2016. Gold closed today capping its best three month performance in over 25 years. The last time gold exhibited quarterly gains of more than 15% was Q3 of 1990! Financial turmoil across a variety of assets was the overarching theme this past quarter and the safe haven allure of gold proved to be an attractive calling to investors. USD weakness overnight allowed gold to extend gains up to $1,240 but quarter end mining sales sent gold lower during the US trading session. Resistance remains in the $1,240 – $1,245 range while support is at the double bottom of $1,223. Silver held support for the third day in a row at its 50 day moving average but ultimately failed to sustain gains over $15.50 once gold rolled over.
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Chief Market Analyst, ITM Trading