There is some very spooky stuff going on in precious metals.
Gold has spiked more than $30 higher in the past few minutes, reaching $1400.
Gold traded as low as $1338 in Asia but has quickly turned around. If gold can hang onto the gains it will break an 8-session losing streak and form an outside bullish reversal on the daily chart.
The rally started in silver, which has been extremely volatile today after collapsing 7% at the open and hitting a two-year low. Silver is now up 2.7% on the day. For what it’s worth, silver trading volume is 82% higher than the 100-day average.
