Both Gold & Silver Back On A Bullish Track, Heading For Resistance Levels

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Last Friday, the U.S. Department of Commerce reported that retail sales for October increased 0.3%, primarily on higher gas prices and automobile sales. This was surprising because September sales dropped 0.3%, and analysts had predicted another drop. On last Wednesday, it was reported that the October U.S. Consumer Prices (Inflation Index) had also shown a 0.4% increase, the highest monthly increase since March. What do these reports mean?

In the face of a potential trade war between the U.S. and China, concerns about a presidential impeachment, and massive U.S. budget deficits, the U.S. consumer is still spending money.

Why? It could be a U.S. Equity market that continues to move higher and it could also be that there are no signs of increasing inflation. Both of these issues could change quickly, as sizeable tariffs are beginning to work their way into the inflation index.

Earlier this month, we saw a surprising $50 correction in the price of Gold in two days.
That correction was caused by traders at JP Morgan and Citigroup unwinding their precious metal hedge, switching to riskier investments. The details of this sale are available at the following link.

	Getting Out of Gold, JPMorgan and Citigroup Tilt Toward Risk
	Strategists at two giant Wall Street banks closed out their bets on gold as the . . . . Joanna Ossinger (Read More)

Last week, Gold traded in a narrow range between $1,445 and $1,475 per ounce, building a new base after the recent correction. Last Friday, Gold closed at $1,467 per ounce, up $5 per ounce for the week.

Today: Gold rallied back above $1,475 this morning on a report from CNBC that a Chinese government source stated they are very pessimistic about a trade deal happening. They stated that President Donald Trump is now expressing reluctance to roll back tariffs, which China had believed the two countries had agreed to. Gold is now back on track to the key $1,500 resistance level.

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After dropping $1.23 per ounce two weeks ago, Silver rallied last week and closed last Friday at $16.93 per ounce, up $0.15 on normal trading volume. During the week, Silver found excellent support and demand above $16.60 per ounce. It’s very important for the short-term direction of the Silver price for it to quickly move back and stay (hopefully this week) above the key $17 resistance/support level. The Silver-to-Gold ratio decreased to 86.65-to-1 and is heading lower.

Today: Silver moved back above the key $17 level this morning as Gold rallied above the $1,470 level. Physical demand for Silver investment products continues to increase everywhere except the U.S. markets.

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