Silver took a breather on Tuesday, ending off 0.1%, while gold added 0.4% to hit a fresh four-month high, reports Reuters, “after disappointing U.S. consumer confidence and a lackluster gain in home prices fueled concerns over the U.S. economic recovery.” To that point, Dan Norcini writes that “As long as US interest rates are not rising and investors/traders are of the opinion that the Yellen-led Fed is not going to hike interest rates anytime soon, the dollar is going to have some trouble and that means gold should continue to see rather good support on dips in price. The big key will be any economic data that comes out on the strong side – that will put a firm bid back into the dollar almost immediately and should pressure gold so anyone trading this stuff will need to pay close attention to nearly every single important economic data release.”
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