Gold Tests $1,480 Resistance In Slowing World Economy

GOLD

The U.S. trade deficit fell 4.7% to $52.5 billion in September as the country recorded its first petroleum surplus, but overall imports and exports otherwise fell under the weight of rising global tariffs and a slowing world economy. Gold dropped overnight to test the $1,480 support level as the world’s stock markets rallied, which is giving the U.S. stocks a big boost yesterday and today. A great opportunity for probably the last time to buy Gold at a great price. At 11am PT today, Gold is trading at $1,484 per ounce, down $25 on normal volume.

SILVER

Silver followed Gold lower, testing the $17.50 per ounce support level in early trading. At 11am PT today, Silver is down $0.40 per ounce, trading at $17.65 on excellent volume.