Optimism Boosts Physical Demand for Gold: Technically Speaking w/Jim Wyckoff

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On today’s “Technically Speaking” with Kitco’s Jim Wyckoff, we discuss physical gold demand, gold & silver prices and the potential threat the Syrian-Israeli situation may have on gold markets. Jim discusses the impact last week’s ECB and FOMC meetings had as well as gold market optimism resulting from positive nonfarm payroll results. According to Jim, the demand for gold coins and bars is strong because buyers perceive present prices to be value buying opportunities. However, investors need to keep a close eye in the Middle East, after an Israeli missile attack against Syria causes further unrest and may prompt “safe haven” demand for gold markets. Finally, Jim rates gold and silver at 3.5 both showing solid overhead resistance. A rise for June gold will give bulls upside momentum to suggest that a near-term price uptrend can be sustained. Silver shows solid overhead resistance at the $25 level and solid support at $23. Kitco News, May 6, 2013.

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