Both Gold And Silver Are Breaking Above Resistance Levels
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During Christmas week Gold rallied $37 per ounce. What a great present for all our Gold investors. Additionally, Gold broke out above the key $1,500 per ounce resistance level on excellent holiday volume. Gold moved above the $1,500 level last Tuesday on professional short-covering, then held that level during trading the morning after Christmas day, especially in early Asian and European trading.
Gold’s rally started on Monday after China delivered a blistering rebuke of a U.S. defense bill that demonstrates support for Taiwan and democracy protestors in Hong Kong. Both Gold and Silver have reacted positively to this rebuke, as it could affect the potential trade agreement between the U.S. and China. There was no new development on Trump’s Impeachment or on the British Brexit to affect the precious metal markets.
Gold reached a high of $1,516, a two-month high last week, and is on track to close 2019 at the highest price since 2013. Plus, with economists saying that we will probably not see any increase in interest rates, but are looking for an increase in inflation next year, we should see another high for Gold in 2020.
Today:
Gold is holding at 3-month high above the key $1,500 per ounce resistance/support level.
Gold is up today based on geopolitical reasons, because the U.S. launched airstrikes on Sunday against five bases in Iraq and Syria. This was a strike against Iranian forces in these countries.
Gold is trading in the $1,515 per ounce level most of this morning on U.S. markets. I believe 2020 is going to be a great year for precious metal and rare coin investors and collectors.
The Christmas week was also great for the Silver price, up $0.72 per ounce (4.17%), closing at $17.85 in active trading. Last Thursday, Silver briefly broke above the key $18 per ounce resistance level. When Silver broke out above $18, the short-covering caused the price to reach a high of $18.05 before sellers appeared. The Silver-to-Gold ratio decreased again hitting 84.61-to-1 per ounce
Today: Silver is trading higher this morning on the same news that influenced the Gold market. Silver is approaching the key $18 per ounce resistance level, breaking this level is very bullish for Silver in 2020.
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All statements, opinions, pricing, and ideas herein are believed to be reliable, truthful and accurate to the best of the Stuppler & Company’s knowledge at this time. Stuppler & Company disclaims and is not liable for any claims or losses which may be incurred by third parties while relying on information published herein. Individuals should not look at this publication as giving finance or investment advice or information for their individual suitability. All readers are advised to independently verify all representations made herein or by its representatives for your individual suitability before making your investment or collecting decisions.
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