Calm Weekend; Gold Hovers Around $1,300
Markets are very calm this morning. Gold is slightly higher, hovering around $1,300. The U.S. dollar is stronger, with the euro and yen weaker with the Canadian dollar higher. Equities are all near all-time highs as investors remain complacent, knowing that the Fed will be there to protect them and the markets.
This will be a big week for the metals. With some of the damage done last week, gold must hold the $1,290 level and silver must hold the $16.80 level. Gold and silver look solid and should hold, but with the uncertainty about North Korea and Merkel losing some power in the German elections, anything can happen.
President Trump will bring out his tax plan on Wednesday, which will give equities a chance to break out in one direction or the other. Knowing that complacency is the architecture of our downfall, equities could finally start to fall, putting a bid under gold and silver