The Dollar index dropped and gold jumped as President Trump told reporters during a meeting with the prime minister of Singapore that he was "very very close" to a decision on who would be the next chair(person) of The Fed...
Jerome Powell continues to be the front-runner...
And gold is up...
Pushing the precious metal above its 100DMA...
Precious metals are being pounded once again this morning as we head into the European close.
Gold has broken below the 50-day moving average and the key "maginot" line of $1200 - lowest since January. Silver, similarly, has broken below its key technical levels and is testing the $17 level.
For now they are findiong some support at these key levels...
As USDJPY fades
Notably Gold is once again outperforming Silver (back above 70x) with 68x seemingly support for this ratio...
