Gold consolidating over the $1,260 range

GOLD

With the new Trump Tax Bill nearing the final steps of passing it is still not clear to everyone what exactly to expect with the bill. Upon reviewing the bill, it is expected to add over $1.5 trillion dollars to the US Deficit and with that we’re seeing the US Dollar going down. This is helping Gold consolidate over the $1,260 range but it is not the only reason, it is also going up for other reasons. I like seeing Gold consolidate here as it builds a base above the $1,260 range before it challenges $1,270 and then $1,300. We could see some interesting activity in Gold before this year’s end. At 11am Gold is $1,267 up $5 on average volume.

SILVER

With Silver holding well above the $16 range over the last several days I see it doing the same as Gold. It is building its base above the $16 level as it prepares to head back up to $17. At 11am Silver is $16.29 up $0.16 on normal trading volume.