Gold Prices: Sluggish Due to Korea Summit

This morning President Trump and Leader Kim Jong Un signed an historic agreement to keep talking about denuclearizing the Korean peninsula. ¬†Regular readers know this Gold Enthusiast’s view that every day people spend talking and not shooting is probably a good day. But in terms of gold prices such agreements tend to be downers rather than uppers, and that’s what we’re seeing on the New York markets this morning. ¬†

Gold is down about 10 US Dollars per ounce in pre-market trading, and may continue down from here. We’ll keep it short today as we’re expecting a big news-volume day, what with all the harumphing going on in Korea. So we’ll summarize for now by saying: Keep an eye on support at 1285 then 1260. And, there are still lots of reasons to be bullish on future gold prices, many of which are laid out in today’s featured article.

¬†Related: The Dollar is Bottoming Out – And Here’s Why

About the author

Mike Hammer

Mike Hammer has had a wide-ranging career, with trading and investing as a continuing theme. Mike graduated from UC Berkeley with a business degree, then worked with Macy's in their operations arm. He left Macy's and spent a summer trading his own account, which taught him a lot about trading in general and markets in particular. Trading through the Black Monday and the Crash of 1987 showed him how most people are unprepared for upheavals in their trading. He then joined Waddell & Reed as a financial advisor, helping regular people understand their finances and meet their life goals.

Then came the usual story - Mike met and married the lady of his dreams. They moved to upstate New York, where Mike worked first for a small manufacturing consulting company, then Cornell University. While loving the work and the higher-education atmosphere, Mike missed the world of finance. Eventually, he signed up for stock trading coaching with the Adam Mesh Trading Group, to learn from people who understood modern markets. Within a year, Adam asked Mike to become a stock trading coach.

Since then, Mike has trained over 200 individuals, spoke at several national conventions, and is a frequent contributor to conference calls across the Adam Mesh community. Mike writes The Gold Enthusiast daily newsletter, runs the Golden Hammer trading service, and participates in the Mesh Private Portfolio. He also keeps a position in international education which keep him in touch with "the student mindset". Mike closely follows the gold, energy, and financial sectors. His motto is "Plan your trade, then trade your plan!"

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