Gold Price Supported By Geopolitical Turmoil
Gold reached a high of $1,315 in Asian trading today and right now is holding in the $1,308 to $1,312 area. Geopolitical problems with Brexit negotiations and problems with Venezuela are giving Gold price support. During today’s Federal Reserve press conference it was stated that the Fed is not raising interest rates in January and they will borrow another trillion dollars to finance the 2019 deficit. Gold rallied on this news. At 11am PT today, Gold is trading at $1,317 per ounce, up $7 on excellent volume.
Silver reached a high of $15.95 per ounce this morning before seeing some light selling. After the Fed’s announcement Silver quickly moved above the $16 major resistance level. At 11am PT today, Silver is up $0.18 per ounce, trading at $16.02 on excellent volume.