Metals Appear To Be In Trouble
This week we have watched themetals continue to churn in a range and mentioned that they may have found ahigher low with a new support level. On Thursday, gold sold off hard, tradingbelow the $1,330 support but closing right near support.
Overnight President Trump startedtalking tariffs and trade wars again, sending equities reeling down over 400 pointsat one point. Gold barely budged on the news and traded in a $10 rangeovernight, sitting now at $1,330.
The metal's lack of reaction tothe market fears is concerning, especially with a flat to lower dollar. Themetals should have moved higher on the news, which is a reason for concern. Inthe meantime, gold and silver remain in their consolidation ranges but the newsupport level may not hold.
Contributing tokitco.com
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