Metals Appear To Be In Trouble
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
This week we have watched the metals continue to churn in a range and mentioned that they may have found a higher low with a new support level. On Thursday, gold sold off hard, trading below the $1,330 support but closing right near support.
Overnight President Trump started talking tariffs and trade wars again, sending equities reeling down over 400 points at one point. Gold barely budged on the news and traded in a $10 range overnight, sitting now at $1,330.
The metalâ€™s lack of reaction to the market fears is concerning, especially with a flat to lower dollar. The metals should have moved higher on the news, which is a reason for concern. In the meantime, gold and silver remain in their consolidation ranges but the new support level may not hold.