5.9.2017 On Sunday night, the market’s breathed a sigh of relief as Emmanuel Macron easily beat the right-wing populist and nationalist candidate Marine Le Pen in the French presidential election. With Japan returning from Golden week to find much lower gold prices, gold received an initial bump up on Sunday evening trading. The pop higher was short lived though as the Macron victory encouraged broader market selling. Geopolitical tensions, in general, have subsided substantially in the last few weeks (especially with North Korea) and gold and silver have felt the pain of it as a consequence. Gold is hovering around two month lows and looks poised to test psychological support at $1,200. Since mid-April, silver has fallen over 13% and lost over $2.50. CFTC data last week showed that speculative net length on the Comex was cut massively. In one week’s time, gross speculative longs fell by 86.5 million ounces to 645 million ounces and shorts increased by 21 million ounces to 212 million ounces, the highest level this year. After losing so much ground so quickly, silver should find some support around the $16 handle.
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