Headline News Again Weighing on Precious Metals

Crude oil is up approximately 3%, trading around $88.24, adding another potential inflationary concern for the markets. With crude moving higher, the threat of the FOMC keeping U.S. interest rates higher, or potentially raising rates is back in focus. The U.S. dollar is also stronger, adding further pressure to gold and silver. Take a look at the 1-day Gold/USD chart on WatchGold.org, you can clearly see the market reacting. Once again, precious metals are being tested by the combination of higher crude, a stronger dollar and renewed concerns over the direction of U.S. interest rates. Let’s see if gold and silver can absorb the headline pressure and find their footing. Volatility is part of the journey, patience may once again be the best trade. #Gold #Silver #PreciousMetals #CrudeOil #FederalReserve #WatchGold