Gold and Silver Markets Look Forward To Thursday

GOLD

The Gold and Silver markets are looking forward to Thursday. Why? On Thursday, Fed Chairman Powell is set to deliver a ‘profoundly consequential’ speech, changing how the Fed views inflation. This morning, we saw a bull/bear war, as the bear tried to move the price down to and break the important $1,900 resistance level. They got the price down to $1,913 before a rallied started. At 11am PT today, Gold is trading at $1,920 per ounce, down $10 on average volume.

SILVER

Silver followed Gold’s lead and reached a low of $26.06 per ounce before bargain buyers jumped in. During this consolidation period for the metals, purchasing has slowed down and the mints seem to be catching up with the backlog. Hopefully, lower premiums on the horizon, unless the prices explode again. At 11am PT today, Silver is trading at $26.30 per ounce, down $0.10 on normal volume.