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Silver has been the biggest gainer in the precious-metals complex after U.S. lawmakers reached an agreement on taxes but delayed other decisions such as the debt ceiling and government spending.

03 Jan 2013

NEW YORK (Commodity Online): Silver has been the biggest gainer in the precious-metals complex after U.S. lawmakers reached an agreement on taxes but delayed other decisions such as the debt ceiling and government spending, said Triland Metals in a commodity snippet.

Shortly before the Comex pit close, March silver was 95.3 cents, or 3.2%, stronger at $31.18.

“The kicking of the fiscal cliff can down the road for two months has induced a risk-on rally across the globe,” they added.

The firm also noted that, “Silver has been the main mover today with physical and speculative buyers evident, but as with gold on low volume.”

Chart support was between put $29.50 and $29.75 and between $32 and $32.25. For February gold, support is seen between $1,670 to $1,675 and resistance around $1,695 and $1,700.


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