Weekly Market Report

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

Last week we saw the SEC go after the major companies that deal in Crypto currencies.... Barry Stuppler

Last Friday the May Non-Farm Employment numbers were reported. This report showed an increase of 339,000 . . . . Barry Stuppler

Last week and over the long holiday weekend, concerns about the negotiations over the debt ceiling problem dominated the direction of precious metal price trading. . . . Barry Stuppler