Last month Edward Meir took a view that in June there would be lower prices initially followed by a modest recovery going into the later part of the month.
This is what happened, with sharp selloffs that took Gold down to around US$1,550 on three occasions, but a strong late month rally led to a finish with only a moderate loss.
European markets were not affected too much following the Greek elections and the substantial loan confirmed for Spanish banks. Perhaps we are seeing a state of flux for now.
Edward's view is that technically there is strong support for Gold at US$1,525 to US$1,550 and that we could see US$1,700 in the July/ August period.
Chart-wise, silver continues to enjoy strong support at US$26 to US$26.50 and this should continue.
Click the link below to download and read the full report:
| Attachment | Size |
|---|---|
| AusMint-PreciousMetalsReport-July2012.pdf | 684.69 KB |