Gold and Silver Market Morning: Nov-23-2016 — Gold and Silver consolidating at a bottom!

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news.goldseek.com / Julian D.W. Phillips / 23 November 2016

Gold Today –New York closed at $1,212.00 yesterday after the previous close of $1,208.30 London opened at $1,211.00.

Overall the dollar was stronger against global currencies.

–         The $: € was stronger at $1.0603: €1 from $1.0644: €1 yesterday.

–         The Dollar index was a weaker at 101.20 from 100.74 yesterday.

–         The Yen was weaker at 111.06: $1 from yesterday’s 110.58 against the dollar.

–         The Yuan was weaker at 6.9055: $1 from 6.8910: $1 yesterday.

–         The Pound Sterling was weaker at $1.2380: £1 from yesterday’s $1.2491: £1.

Yuan Gold Fix

Gold prices in Shanghai are $11 higher than New York’s close and $12 higher than London’s opening [allowing for the difference in the quality of gold priced in the different markets].

The dollar has started to rise again, climbing over the 101 dollar index level. Will it go higher and move into a bull market again? More importantly, will it cause gold to fall further? To us we see it building a base at $1,210 at the moment, which, if it holds is positive for gold!

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