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Gold and Silver Press Lower as FOMC Countdown Begins
Gold and silver extended their recent slide Thursday, with both metals trading right around some major moving averages both are currently beneath their 50 and 100-day simple moving averages a technically bearish configuration that has been in place since mid-April. Gold closed on the day at $4,692, while silver fell harder, shedding 3% to $75.39 a sharp reversal from the $84 range it held just ten days ago. The selloff has stripped gold of roughly $550 from its early-year peak near $5,238 and pulled silver nearly $15 off its recent high of just above $90. The macro backdrop is supplying those headwinds. According to ... (full story)