GOLD AND SILVER BACK ON A BULLISH TRACK

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	Gold, Silver Firmer After FOMC Statement With No Big Surprises
	Gold and silver prices are posting decent corrective advances in early-afternoon U.S. trading Wednesday... Jim Wyckoff
	Goldman Sachs Says Gold’s Bullish Momentum Remains Even If The Fed Maintains Restrictive Rates
	Gold prices have held critical support above $2,300 an ounce as markets look for the Federal Reserve to signal it will maintain its restrictive monetary status longer than expected.... Neils Christensen
	US Weekly Jobless Claims Unexpectedly Fall
	The number of Americans filing new claims for unemployment benefits unexpectedly fell last week... Reuters
	Chinese Retail Investors Drive Gold Surge On Shanghai Exchange
	Gold’s record-setting rally this year has puzzled market watchers as bullion has roared higher despite headwinds that should have held it back.... Mark Burton, Sybilla Gross, and Yvonne Yue Li
	Silver Remains On The Defensive Below $27.50 On Easing Middle East Tensions
	Silver price turns red around $27.30 on Wednesday, despite the weaker USD.....Lallalit Srijandorn

During the month of April, Gold traded between $2,280 and $2,430 per ounce. Right now, Gold appears to be building a strong base above the key $2,300 per ounce support level. Last Friday, Gold closed at $2,301 per ounce, down $40 for the week, but up $77 for the month of April. Considering that the price of Gold has increased $239 in 2024, April’s consolidation is very healthy for the price of Gold.

During April, the U.S. Dollar Index has rallied to over 106, the highest it’s been in 2 years. Interest rates for the Treasury’s 10-year bill have set new 2024 highs, Many of the popular inflation and employment indicators were surprisingly more positive than anticipated. The Federal Reserve has also made it clear that lowering interest rates may not come until the fall at best. Without the heavy central bank and Asian demand, the price of Gold would have easily tested the $2,100 support level.

Gold consistently has shown excellent price support every time sellers bring the price under the $2,300 per ounce support level. Many of the world’s largest central banks have increased their purchases this year, and when they buy, it’s in metric tons, not ounces. These central banks rarely talk about the price direction of Gold, but many of the largest financial institutions do.

Goldman Sachs sees the price of Gold at $2,700 per ounce in 2024, while Bank of America, Citibank, and many others are predicting Gold will be much higher by year-end.

Today:
This morning, Gold opened higher in Asia and kept moving up as it moved to the European markets. After being lower the past two weeks, Gold moved up $30 this morning before seeing light selling.

Last Thursday, Silver reached a weekly low of $26 per ounce and turned higher quickly. Silver spent most of last week trading above and below the $27 key support/resistance level. Many of Silver’s rallies and declines followed the same direction as Gold but with more volatility. Like Gold, Silver is consolidating its recent gains from $22.66 at the start of March. Demand has been from Asia and the middle eastern commodity markets, but recently there has been an upsurge in U.S. buying. The current Silver-to-Gold ratio has remained at 86-to-1 and still is an outstanding value.

Today:
Silver rallied with Gold this morning, moving back over the $27 per ounce level and reaching a high of $27.50 before seeing short-term profit taking.

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