Gold and Silver Market Morning: Feb 27 2017 – Gold turning $1,250 resistance into support!

news.goldseek.com / Julian D.W. Phillips  / 27 February 2017 

Gold Today –New York closed at $1,256.70 on the 24^th Februaryafter closing at $1,248.80 on the 23^rd February. London openedat $1,255.00 today.

Overall the dollar was slightly stronger against global currencies early today. Before London’s opening:

–         The $: € was slightly stronger at $1.0586: €1 from $1.0589: €1 onFriday.

–         The Dollar index was slightly stronger at 101.06 from 100.95 onFriday.

–         The Yen was slightly stronger at 112.30:$1 from Friday’s 112.85 against the dollar.

–         The Yuan was weaker at 6.8800: $1, from 6.8717: $1, Friday.

–         The Pound Sterling was weaker at $1.2412: £1 from Friday’s $1.2553: £1.

Yuan Gold Fix

At the close in Shanghai today, the gold price was trading at 280.0Yuan, which directly translates into $1,265.84. But allowing for the difference of gold being traded this equates to a price of $1,260.84. This is $4 higher than the New York close and $6 higher than London.

Shanghai opens the week pulling both London and New York higher again but with the two centers following close behind.

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