Silver Breaks Above Key $18 Level
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GOLD
This morning we saw a disappointing September U.S. durable goods report, showing a decline of 1.1%. This marked the first contraction in four months. Also, manufacturing PMI came in at 51.5, which is barely in expansion territory. These weak economic reports confirm the likelihood of the Federal Reserve lowering interest rates next week. This news took the price of Gold up to $1,512 per ounce, before positive news on progress with the Chinese trade negotiations caused the price to drop $7. At 11am PT Today, Gold is trading at $1,505 per ounce up $3 on excellent volume.
SILVER
After Silver traded below $18 for the past month, reaching a low of $16.90, and mostly trading between $17.10 and $17.70, Silver finally broke above the key $18 level this morning. Today, many professional commodity traders, who were short Silver, ran to cover when Silver broke above $18 per ounce. This resulted in Silver quickly moving up to a high of $18.30. After the positive Chinese trade news was released Silver dropped back below the key $18 level. We saw Silver bringing back its high volatility today, with a 50-cent high/low range from $18.30 to $17.80 per ounce. At 11am PT Today, Silver is up $0.19 per ounce, trading at $17.98 on excellent volume.
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Goldman Sachs Says Gold’s Bullish Momentum Remains Even If The Fed Maintains Restrictive Rates By
Mint State Gold
May 1 2024