9.15.2016 The downward pressure on gold continued yet again today as it traded lower for the fifth time in the last six trading sessions. Some heavy selling emerged around the NY open which pushed gold down to just above its 100 day moving average. But, yet again, the 100 DMA held as support and gold was aided in its recovery by weaker than expected US economic data. Retail sales in the US fell .30% in August, declining for the first time in five months, which helped the yellow metal recover to $1,320 before ultimately trending lower as the trading day wound down. The short term trend remains downward for gold and it looks like the key $1,300 – $1,305 area will be tested again before next week’s FOMC meeting. Silver has managed to hold up better than gold this week and is consolidating around $19. Near term support is coming in at the 100 day moving average of $18.50, a technical indicator it hasn’t been below since February of this year.
Why is Deutsche Bank called the riskiest bank on the planet? Is the bank over leveraged? This is a clip from our last webinar. Make sure you registrar for our next live webinar October 6 2016 and join Lynette as she covers important topics that affect your financial future.
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