Gold Trading Above And Below $3,400 Per Ounce

GOLD

Gold prices rose to a two-week high of $3.430 per ounce on Tuesday, driven by post-holiday buying in China. Today, we saw some profit taking as Gold sold off to $3,358, based on the announcement that the U.S. will be meeting with China this weekend in Switzerland to discuss future trade and tariffs.

Today’s Federal Reserve announcement showed no change in interest rates, and I’m waiting for the press conference.
At 11am PT today, Gold is down $23 per ounce, trading at $3,390 on average volume.

The recent bullish move in the Gold market has been driven by a Chinese investment surge and continued buying by central banks wanting to lower their U.S. Dollar holdings while adding more Gold to their reserves.

SILVER

Silver sold off today with Gold, reaching a low of $32.50 per ounce before finding bargain buying.
At 11am PT today, Silver is down $0.44 per ounce, trading at $32.70 on normal trading volume.