Gold and Silver continue to rally for 3-weeks in a row

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Last Friday, Federal Reserve chairman Powell addressed the Jackson Hole economic conference. Powell signaled the U.S. central bank will remain patient and repeated that he wants to avoid chasing “transitory” inflation and potentially discouraging job growth in the process. After that statement, the U.S. Dollar Index and the 10-year Treasury rates dropped, and Gold started to rally. Gold broke above the key $1,800 level and closed Friday at $1,816 per ounce up $35 for the week.

After reaching a yearly low of $1,675 per ounce on August 9th, Gold closed higher for three straight weeks, rallying $140 on excellent trading volume. For the past two months, Gold has been unable to move above $1,835 per ounce, selling off each time. Therefore, many of the professional traders and technical analysts believe that is the major resistance level for Gold.

A close above $1,835 within the next few weeks, would be a great sign for the short-term direction of the Gold price, with the next resistance level of $1,900.

Today: With the U.S. Dollar and Interest rates trading virtually unchanged, the Gold price traded in a narrow $10 High/Low range. Gold is trading today between $1,808 and $1,818 on average volume, while it consolidates the recent gains.

Last week, while Gold was up $35 per ounce (2%), Silver reversed its current direction and rallied $0.95, closing at $24.05 (4.11%), a key resistance level. Chairman Powell’s statement caused commodity analysts to believe more stimulus and Fed easing is coming. After Friday’s statement, both the U.S. Dollar Index and interest rates dropped. Silver needs to stay above the $24 level and gradually move towards the $25 level by the end of September.

Today: Silver traded over the weekend above and below the key $24 per ounce level. Like Gold, the Silver price needs to consolidate, hopefully above the key $24 level for a minimum of a week to become short-term bullish for traders.

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