Trade Wars, Tariffs And Uncertainty
It's been one crazy week, with tariffs,trade wars and equity markets breaking down. Gold and silver put their lows infor the week on Tuesday just as the Fed meeting started. They have both ralliedhard since, driven higher by the Fed, fear and trade wars.
With gold and silver on majorsupport, the rally was no surprise. Both are still in big consolidation rangesand although the rallies are nice, they mean nothing until they can take outthe top end of the range.
This morning commodities areunder pressure. Gold and silver are higher, being driven by uncertainty.Equities are also under pressure, but it would be no surprise to see everythingreverse from here. Volatility is back; expect wild swings in big consolidationranges. Until markets break out one way or the other, we will sell the top endand buy the bottom end.
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