Gold And Silver See Weekend Selling On Trade Optimism

GOLD

Gold slips early Friday as haven demand eases due to a small rally in the U.S. Dollar and growing optimism about U.S. trade deals. European negotiators on Thursday expressed hopes about a possible trade deal with the U.S., but have also made clear that they are prepared to retaliate if the talks should fail.

Next week should be key to Gold and Silver prices, as we approach tariff deadlines and the Fed’s meeting on U.S. interest rates. In the past two trading days, Gold has broken below both the $3,400 and $3,350 support levels. I doubt it will break below the $3,300 major support level.

At 11 am PT today, Gold is trading at $3,335 per ounce, down $37 for the day on excellent volume.

SILVER

After four days of trading above $39 per ounce, Silver broke down this morning and reached a low of $37.87 before bouncing back above $38 per ounce. After this month’s 10% rally in the Silver price, a correction would be expected.

At 11 am PT today, Silver is trading at $38.20 per ounce, down $0.93 for the day.