Gold

For the first time since November 2011 and May 2012 gold pricing has matched the lows achieved during those months. Looking at a monthly chart we can see that this current rally has taken gold pricing to the highest trading point since April 2013.

Today as President Trump was leaving the White House and headed to New York for another fundraiser he said that there are open communications between the United States and China, and that we are talking although “We are not ready to make a deal. But we’ll see what happens.”

Every day that gold futures remain above $1500 per ounce is strengthening the resolve that the key psychological level of $1500 is becoming a strong area of support.

Both gold and silver futures traded sharply higher today in response to continued concerns that the trade war between the United States and China will get worse before it gets better and any sort of resolution is achieved.

Gold continues to have solid upward momentum gaining value now for the third day in a row. As of 4:30 PM EDT gold futures basis the most active December contract is currently trading up $9.50 and fixed at $1486.00. This puts the precious yellow metal within striking distance of $1500 per ounce, now a mere $14 from that price point. The last time gold traded at $1500 was April 2013.