From the Trading Desk:
Yesterday’s Fed minutes provided some brief excitement in an otherwise dull week of trading action. The main takeaway from the minutes was that Federal Reserve opinion is deeply divided. This serves to reconfirm that a September rate hike is highly unlikely. The primary concerns for the members of the Fed include inflation being below its target of 2%, heightened risk associated with foreign markets and from events such as Brexit, and second quarter domestic job growth slowing down markedly from the first quarter. At the time of the release, gold and silver immediately sold off by $10 and $.30, respectively, only to recover entirely in a matter of minutes. Gold is still stuck in a range with $1,360 the level to watch overhead and $1,327.50 – $1,330 (50 day moving average and a double bottom) the clear area of near term support. Silver continues to find strong bids on any move below $19.50.
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About Doug EberhardtDoug Eberhardt is a 28 year financial services veteran and precious metals broker selling gold and silver at 1% over wholesale cost. Doug has written a book to help investors understand how gold and silver fit into a diversified portfolio, how to buy gold and silver, and what metals to buy. The book; “Buy Gold and Silver Safely” is available by clicking here Contact phone number for Buy Gold and Silver Safely is 888-604-6534
Disclosure:
Commodity Futures Trading Commission Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with capital you can’t afford to lose. This is neither a solicitation nor an offer to Purchase/Sell futures or options. No representation is being made that any account will or is likely to achieve gains or losses similar to those discussed in this outlook. The past track record of any trading system or methodology is not necessarily indicative of future results.
All trades, patterns, charts, systems, etc. discussed in this outlook and the product materials are for illustrative purposes only and not to be construed as specific advisory recommendations. All ideas and material presented are entirely those of the author.