Gold Reaches High Of $1300 In Overnight Trading
Big news day:
1) The number of jobs created was stronger than expected.
2) A dovish statement on the economy and interest rates was made by the Federal Reserve Chairman.
3) Trade talks with China will be starting up again next week.
All three of these issues has driven the DJIA up almost 800 points on optimism that 2019 will be a great year. How did this affect Gold? Gold reached a high of $1,300.40 in Chinese overnight trading. When the news was released, Gold dropped to $1,278 and major buying appeared, then rallied back to $1,286 per ounce. At 11am PT today, Gold is down $4 per ounce, trading at $1,286 on excellent volume.
Silver reached a high of $15.90 when Gold traded at $1,300 per ounce. Like Gold, Silver sold-off when the news came out, reaching at low of $15.54. Silver rallied back on bargain buying. At 11am PT today, silver is trading at $15.72, up $0.02 on good volume.