Gold and Silver Market Morning: May 24 2017 – Gold pulled back by a stronger dollar, but still within a narrow trading channel!

Gold Today – New York closed at $1,251.80 yesterday after closing at$1,260.30 Monday. London opened at $1,250.30 today.
Overall the dollar was stronger against global currencies, early today. Before London’s opening:
– The $: was stronger at $1.1189 after yesterday’s $1.1252: 1.
– The Dollar index was stronger at 97.33 after yesterday’s 96.90.
– The Yen was weaker at 111.88 after yesterday’s 111.24:$1.
– The Yuan was barely changed at 6.8905 after yesterday’s 6.8901:$1.
– The Pound Sterling was barely changed at $1.2978 afteryesterday’s $1.2980: 1.
Yuan Gold Fix
New York closed $13.55 lower than Shanghai yesterday. London opened today at a $14.47 discount to Shanghai.
London today and New York yesterday, took gold lower with Shanghai remaining steady at yesterday’s prices. If pricing power lies in Shanghai, gold price will climb this week in London and New York. This is a test of where that power lies [very short-term].
Silver Today – Silver closed at $17.07 yesterday after $17.14 at New York’s close yesterday.

This post was published at GoldSeek on 24 May 2017.