Precious Metals Look To Trade Talks For Direction

GOLD

Precious metal traders are looking forward to this Thursday/Friday meeting with the Chinese on trade talks for direction. Earlier today, Gold briefly traded below the key $1,500 level and as trading volume picked up the price has moved above and below the key $1,500 level. Later in the session Gold traded down to $1,489 based on news from the Chinese Commerce Ministry that China is ready to do a deal on the parts of the negotiations both sides have already agreed to. At 11am PT today, Gold is down $15 per ounce, trading at $1,493 on active volume.

SILVER

Silver reached $17.38 earlier this morning in light Asian trading before rallying back to the $17.50 level in European and U.S. trading. For the most part of European and U.S. trading the Silver price is holding above the $17.50 level on moderate trading volume. In late trading after the Chinese Ministry’s statement Silver dropped back to $17.40 per ounce. At 11am PT today, Silver is trading at $17.45 per ounce, down $0.11 on active volume.