Can Gold Hold Support?
Wednesday turned out to be one ofthe wildest days in stock-market history when equities were down 500 points inthe premarket on news of trade wars and tariffs. By the time the market openedat 9:30 a.m. EDT, equities had found their bottoms and the rally was on, withthe market closing up almost 300 points on the day.
At the height of the panic, gold had rallied to $1,346 before closing at $1,336. Once again, the metal weakenednear resistance and now sits on the new support level of $1,330. The bigquestion -- can gold hold support?
With both gold and silver at keysupport levels, the dollar holds the key. The suppression of the dollar by theFed and central banks around the world has not had as much benefit for themetals as it should have. If the dollar index breaks out over 91, look for themetals to fail to hold support and move lower
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