From the Trading Desk
Gold was trading heavily yesterday until Trump’s first presidential press conference provided a lifeline for it to move higher. After several months of risk-on trading sentiment spurred by Trump’s election victory, his press conference seemed to provide more sobering and ambiguous expectations for his presidency. His criticism of the pharmaceutical industry appeared to be one of the more acute catalysts to send the USD and equities lower. Gold moved up in sync with the falling dollar and broke through the $1,200 handle in overnight trading. Despite reaching seven week highs, gold could not maintain its footing above $1,200 today though. It retreated as equities rallied from intraday lows and the yellow metal may be poised for a period of consolidation after making steady gains since mid-December. Silver failed at $17 overnight and will look for support at $16.50.
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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.