Weekly Market Report

On Wednesday, an announcement from Federal Reserve chairman Powell saying interest rates may not be slowing down as originally thought, caused the financial markets to react.... Barry Stuppler

After testing the key support level of $1,900 on Wednesday, Gold showed excellent demand by Friday, reaching a high of . . . .Barry Stuppler

Last week, Gold traded between $1,924 and $1,970 per ounce as it continues to build a firm base above $1,900 per ounce.... Barry Stuppler

Gold traded between $1,950 and $1,980 prior to Wednesday’s Federal Reserve announcement on Fed Funds rates.... Barry Stuppler

When the U.S. market opened last Tuesday, the Commerce Department reported that June Retail sales increased only 0.2%.... Barry Stuppler

Last week, the Gold price firmed up and moved back above the key $1,950 resistance level on strong demand.... Barry Stuppler

Gold has tested the $1,900 per ounce support level numerous times over the past three weeks.... Barry Stuppler

At the start of June 2023, the Gold price was $2,000 and the talk was about interest rates dropping by the end of the year.... Barry Stuppler

Federal Reserve Chairman Powell testified to Congress last week. During his presentation, he indicated that the Fed is likely to raise the Fed Fund’s rate at least one time or more during the balance of 2023.... Barry Stuppler

Last week the Federal Reserve left the Fed Funds rate unchanged at 5%, but gave an indication that it is likely that there could be two or more increases by year-end.... Barry Stuppler