Gold and Silver Reverse Course, Trade Sharply Higher

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Following a stronger than expected consumer sentiment index of 89.4 versus expectations of 87.5, gold and silver futures rallied further off the lows. Gold futures, which had traded as low as 1146 overnight, have moved 40 points higher to now trade at 1186. Silver futures had traded down to 15.25, but are now near the highs at 16.07. If these prices hold, this would definitely be a key reversal day in the metals complex, perhaps pointing to short term lows for gold and silver. Given the large short interest in both gold and silver, some of the move can likely be attributed to short covering.
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