Both Gold And Silver Break Resistance Levels Of $1,500 And $18.00 Oz
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We have recently been seeing many disappointing economic reports, starting with a drop in the U.S. durable goods numbers for September and disappointing manufacturing PMI data. Both of these are followed closely by the Federal Reserve and it’s increasingly possible they may lower the Fed Fund’s interest rate again later this year. While the Chinese trade negotiations are still a big question mark, Gold broke over the important $1,500 per ounce resistance level late last week. I still believe Gold continues to be on track to reach $1,600 by year end.
Today: With next to no news to impact the Gold price, Gold is trading in a narrow $10 per ounce high/low range. Gold reached a high of $1,515 and a low of $1,505, as it continues to build a base for the next leg higher. At 11am Gold is trading at $1,509, down $5 on light volume.
After reaching a recent low of $17.10 on October 16th, Silver finally closed above the key $18.00 per ounce level last Friday. As Silver battled to stay above the key $18 per ounce level, we saw an increase in the volatility throughout the week. After being as high as $18.14, Silver closed the week at $18.01 per ounce, up $0.15 for the week. We have some short-term resistance at $18.30 per ounce (a 30-day high) which Silver could break this week. I’m still looking for Silver to break its Sept. 4th high of $19.40 per ounce by year end. The Silver-to-Gold ratio dropped to 83.73-to-1 and is heading lower.
Today: After hitting a low of $17.95 per ounce on very light trading, Silver rallied back above the $18 level and stayed between $18.04 and $18.16 for most of the trading day. At 11am PT today, Silver is trading at $18.05 per ounce, down $0.03 on light volume.
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