Gold continues its move higher

GOLD

Gold rallied overnight and opened very bullish in Asian trading. Gold is continuing its move higher, hitting a high of $1,290 earlier today. This occured as the release of what are viewed as ’dovish’ minutes from the FOMC’s July meeting and the news of Trump’s disbanded business councils hit the investment community hard. With the Fed expressing concern about weak inflation and hinting at a further delay in rate hikes, and investors concerned that Trump’s pro-business agenda may be in jeopardy, the Dollar fell against global currencies and the stock markets stagnated. Meanwhile, Gold has resumed its move upward, trading in an $8 range between $1,290 and $1,282 for most of the day. At 11am PDT Gold is up $8, trading at $1,285 on heavy volume.

SILVER

Silver also rebounded today and has traded above $17 for most of the day. Silver dipped below $17 a few times today as it traded in the $16.97 to $17.20 range. We need to see Silver close, and then begin to consolidate, above $17 in the short term. At 11am PDT Silver is trading at $17.08, up $0.10 on strong volume.

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