Fascinating day for Gold
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GOLD
Today is a fascinating day for Gold. The reserve currency of the world is hitting a year low in U.S. Dollars, primarily due to Federal Reserve Chariman Jerome Powell telegraphing a solid year in the U.S. and suggestions, "that the economic quarter was considerably stronger than in the first”. The fascinating part to me is we saw an almost identical thing happen to Gold about 1 year ago on July 10th, 2017, when it hit a summer low of about $1,208 and within 3 weeks was up over 6%! It also finished the summer at $1350 an ounce in September which was almost a 12% increase in just 2 months! I think it’s fair to watch the weak hands clear out at this time, but if you are starting to think about adding to your positions, this is an excellent time as your downside risk is much lower than the upside reward as we go into the 2nd half of the year. At 11am PDT Gold was trading at $1,229 down by $12 on huge trading volume.
SILVER
It appears Silver is also being affected with the Federal Reserve announcement, as are most of the commodities today in US Dollars. It also appears that the day traders have been cleaning up their positions today, as we are seeing a lot of activity here too. At 11am PDT Silver is trading at $15.66 down by $0.18 on very strong trading volume.
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