Gold still waiting on direction
Apparently, the North Korean summit didn’t produce enough information to move the precious metal needle. Gold has stayed in a narrow $7 High/Low range all day. Now, we are waiting for news from the Federal Reserve. It is almost a certainty that interest rates will be raised tomorrow by ¼ point. What analysts are focused on is, if there will be one or two more increases this year. At 11am PDT today, Gold is trading at $1,297 per ounce, down $3 on normal volume.
Silver briefly touched the important resistance level of $17 per ounce this morning and quickly sold-off on short-selling. For most of the trading day, Silver has traded between $16.75 and $16.90 with good volume. At 11am PDT today, Silver is down $0.04 per ounce, trading at $16.87 on good volume.