From the Trading Desk
Gold failed to move higher through its 200 day moving average for the third consecutive day and closed on its lows today. The Dow faltered, finishing slightly lower after trading up in eleven of the last fourteen trading sessions. And treasuries fell after two Federal Reserve officials indicated that a rate rise may occur as soon as the March meeting. The USD index moved steadily higher while traders sold gold lower. All in all, it was a fairly quiet session across most asset classes though. Participants appear to be anxiously awaiting President Trump’s address to Congress this evening. For now, gold remains capped at its 200 day moving average of $1,262 while support is at $1,213.25, the 100 day moving average. With silver coin and bar demand so weak, it would not be surprising to see silver pull back from current levels as well. Next support for silver is coming in at $18.
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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.