Highest level since April 2013
The price of gold has reached the 1500 level for the first time in over six years (April 2013). In the process the pair has now moved above the 50% retracement of the move down from the 2011 high price at $1483. That is now a close risk level for longs.
The run higher continues as flight to safety flows dominate.
US stocks are tumbling with the Dow down -568 points or -2.11%. The S&P index is down 1.89% and the NASDAQ index is down -1.63%.
US yields are also tumbling with the 10 year down 9.7 basis points at 1.606%. There was a research report from PIMCO saying US yields going negative is a possibility.
Pres. Trump is focused on the Fed today, tweeting:
Crude oil is tumbling as well. It is down over $2.00 or -3.8% at $51.56.
Markets are Under Pressure….