A-Mark Bullion Update
5.24.2016. The USD, which is at a two month high against the euro and a three week high against a basket of currencies, continues to dictate the direction of the precious metals. Gold has traded lower for five consecutive sessions now and finally broke decisively below its 50 day moving average, a level that it more or less held above for the prior three days. Unable to attract bids in the face of the strong dollar, gold collapsed to finish on the lows in the mid-$1,220s today. Next support is coming in at in the $1,210 – $1,213 area, a double bottom from back in late March/early April and also where the 100 day moving average is waiting. Silver finally broke cleanly below its 50 day moving average today as well and will look to consolidate and find support at $16.