Gold Appears To Be Headed To The $1,850 Support Level

GOLD

The economic and geopolitical problems being caused by the problems in Russia and China are resulting in serious concerns in the world’s financial market about a coming recession. For the third consecutive week all financial markets, including precious metals, have seen heavy liquidation. Gold appears to be headed to its $1,850 per ounce major support level. At 11am PT today, Gold is trading at $1,856 per ounce, down $28 on average volume.

SILVER

The Silver price is seeing more of a reaction to the global economic and geopolitical concerns. Silver has broken below the $22 support level, making a new 2022 low. Wednesday’s CPI inflation report is likely to be the turning point in the Silver price. At 11am PT today, Silver is down $0.50 per ounce, trading at $21.85 on normal volume.