Precious Metals: Gold / Silver Prices Up On Weak Dollar
GOLD / SILVER PRICES UP ON WEAK DOLLAR
U.S. dollar sell-offs kicked off a rise in silver and gold futures on Monday with February gold rising $17.10 to close at $769.30 an ounce on the NY Mercantile Exchange, with March silver rising 54.5 cents to $9.975.
With equity markets rebounding as of late, analysts say this increased confidence has prompted investors into moving more freely into the precious metals market.
Precious Metals Silver Analysis 11/08
Experts say that sideways trading has begun taking over the silver amid a lower trade volume despite that the upside remains intact towards 11.05-09, although the silver may decline as it gathers momentum to continue the upswing.
The overall trend is toward the downside, as far as 14.70 remains in place, with a target set at 8.05 and 7.60, while Silver futures for March delivery lost 3.6 cents, or 0.3 percent, to nearly $10.27 an ounce on the Comex.