DMR AFTERNOON UPDATE – Gold slammed $33 lower, silver 84¢
(USAGOLD – 9/5/2019) – As suggested in this morning DMR, both metals appeared poised for some corrective action. Gold is now trading at $1518.50 – down $33. Silver is down 84¢ at $18.73. Pent-up selling pressure made its presence known today. As has been the case historically with gold, it took the stairs up and is taking the elevator down. Investing.com cites Saxo Bank’s Ole Hansen as saying that a “bearish double-top” had formed around $1,555. He sees $1517 as the “key support level near in the near term, but said it was “unlikely to be breached unless the 10-year Treasury yield rose back above 1.55%.” We got to that $1517 level in a hurry. Whether or not it will hold, remains to be seen.
(Posted for information purposes only with the usual caveat that anything can happen and that we are not offering investment advice.)