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Reality of trade war finally hit precious metals
The reality of a real trade war and its effect on the U.S. and world economies has finally hit the precious metal markets. The U.S. Dollar Index has dropped below 94 and Gold has firmly moved above $1,260, with today’s high of $1,266 per ounce. At 11am PDT today, Gold is trading at $1,260 per ounce, up $5 on excellent volume.
Silver moved higher with Gold this morning, reaching a high of $16.26 before seeing some short-term profit taking. I would like to see a new trading range between $16 and $16.50 for a short period to stabilize the market and build a fresh base. At 11am PDT today, Silver is up $0.12 per ounce, trading at $16.12 on excellent volume.