Gold Makes a Sudden Rally to 1300

Gold
Written by Mike Hammer

Gold rallied to 1300 very suddenly Monday in response to news on two fronts.  First, US-China trade war negotiations headed sharply south. Second, heightening tensions in the Middle East sprang into focus with attacks on oil shipping in the Persian Gulf. After the initial jump gold was unable to continue above 1300 but has clung to the 1300 level since then.

24 hour spot gold

Trade war negotiations seemed to do a 180 over the weekend, with China announcing tariffs on $60 billion of US goods.  This in response to the Trump administration’s decision not to delay tariffs on Chinese goods any longer. Both sides seem to have switched to the same “press your attack” strategy, which doesn’t usually result in a swift agreement.  You can look for the trade war to continue dragging along for the near term at least.

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About the author

Mike Hammer

Mike Hammer has had a wide-ranging career, with trading and investing as continuing themes. Mike graduated with a business degree and spent years as a financial advisor, before moving to New York and to pursue a career in IT and education. For more than a decade Mike has been working with the Adam Mesh Trading Group as a stock market and commodities mentor. He’s trained over 200 individuals, spoken at several national conventions, and is a frequent contributor to educational webinars.

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 keeps him in touch with "the student mindset".

Mike focuses on the precious metals markets, the energy industry, and the financial sector. His motto is "Plan your trade, then trade your plan!"

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