Gold had a sharp downturn below 1220 and then popped right back up and we have to look at this as bullish. The dollar spent most of the day falling but ironically gold couldn’t push past the 1235 mark which we’ll look at as resistance until we can climb over.
Silver is trying still to lead the way so keep an eye on it to get past 18.06.
The dollar doesn’t always go down and gold/silver go up but overall it’s been a reliable pattern to follow. Eventually one catches up with the other when they stray from this pattern.
You have to admit gold has held up well with a stock market that has hit a new high 5 straight days as it believes the words from Fed Chairman Janet Yellen and the hype about tax reform from the Trump White House.
When have you ever seen such fluff in your life drive markets higher? It won’t last.
If gold and silver are doing decent now, wait till the markets falter and watch them move higher. It’s coming.
Doug 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
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