Gold price, silver price see nine weeks of consecutive gains: Commerzbank
(Kitco News) Gold and silver still saw their ninth consecutive weekly gain despite a price correction on Friday, says Commerzbank analyst Carsten Fritsch. Gold ended the week 3% higher and silver 16% higher. Friday’s correction was not surprising. “We had made repeated reference to the extremely high RSI last week and warned of a correction, partly for that reason. The extreme deviation of prices from their 100-day moving averages should also have prompted caution,” writes Fritsch. Last week, gold not only breached $2,000 an ounce for the first time, but also posted new all-time highs on a daily basis. “Financial investors appear to have shifted their preference from futures to ETFs,” adds Fritsch.