There’s been a clear move higher in the precious metals complex in recent trade with Gold, Silver and Platinum all moving up to their highest levels of the day. Silver seems to be leading the charge with the market adding more than 3.5% and moving back up above the 18.50 level to trade at its highest level in a fortnight. Elsewhere, Gold has moved up through the $1520 level to trade at levels not seen in over a week.
Some negative data from the Eurozone this morning could be attributed as a factor behind the moves while comments from the incoming ECB president in which Christine Lagarde has cautioned that the trade war is weighing “like a big, dark cloud” on the global economy have done little to raise sentiment.
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After hitting its highest level in almost 3 years at 19.64 at the start of the month Silver pulled back lower. However, price is now back above the 50% level (18.52) of that corrective move with the 61.8% fib at 18.79 the next level above that trader's may have on their radar. Source: xStation
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