Gold and silver prices expectedly took a dive a week ago following the Federal Reserve's announcement to continue with their policy of raising rates. But this pullback didn't last long as the metals have subsequently moved upward every day after, and appear to be one of the primary safe haven assets investors are using to move cash into during the global equity selloff.
In fact not only have both gold and silver regained their 200 day moving averages in just the past five days of trading, their momentum has pushed prices above $1275 and $15 respectively for both metals.
Gold price:
Silver Price:
If volatility continues in the equity market through the rest of 2018 and into early next year, chances are very good that gold will soon break through a year long resistance level of $1300. Yet only time will tell if this is only a short term rally for the precious metals since the European Central Bank is just beginning its cancellation of the same money printing policies the U.S. used to prop up their markets.
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