April 9, 2018 -- Gold and silver continue trading within the range established over recent weeks. Silver finished last week at $16.41/oz -- unchanged from the previous Friday’s close and toward the middle of its $16.25 to 16.75 range. Gold ended at $1,334/oz, also near the center as it oscillates between $1,310 and $1,355.

While metals markets consolidate, volatility is the order of the day in equities. The lousy jobs data and prospects for an escalating trade war with China drove traders to dump stocks on Friday. The Dow lost 572 points.

Friday’s steep sell off in U.S. stocks did not prompt much buying in gold and silver. Investors are still looking for some direction.

The S&P 500 is hovering just above its 200-day moving average -- a key technical level. Alternatively, gold and silver are fighting overhead resistance at their 200-day averages. If the support underpinning stocks breaks decisively, that is likely to push metals higher, breaking the range which has them penned up.



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