3.29.2017 Since the beginning of March, US equities have been on a steady decline but the selling pressure waned over the past two days.  The Dow held its 50 day moving average yesterday and rallied 150 points today.  The Dow’s losses over the past month eventually translated into increased risk appetite and safe haven buying for gold.  The yellow metal has made stable gains since holding the $1,200 area in mid-March.  US equities upwards price action today caused gold to fail, yet again, at its 200 day moving average of $1,260.  This is the major short term level to watch and a clean break above it would encourage fresh longs to enter the market.  Silver’s ascension has accelerated over the past few days and $18.50, the area it ultimately failed at in late February/early March, is the near term target.  Physical demand of fabricated products in North America continues to be weak.

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