Gold, Silver Forming Major Bottom: Market Technicians

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March 7, 2013 1:47 pm est

After melting down for three weeks straight, gold and silver prices are oversold and finding support at nine-month lows thanks to short covering and bargain hunting — even as the U.S. dollar continues to strengthen. This suggests precious metals are forming a significant bottom, market technicians say. Meanwhile, traders await the February employment report due Friday to assess whether the Federal Reserve has reason to taper its aggressive monetary stimulus program, known as quantitative easing, or QE.

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