Gold And Silver Finding It Difficult To Build A Strong Base

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I am seeing a sizable amount of investors returning back to Gold after the FTX bankruptcy.
This is causing an increase in demand for pre-1934 U.S. and European Gold coins during the last few months, while supplies remain scarce.

Last week was definitely a base building period with Gold staying between $1,750 and $1,790 per ounce. During the week Gold made three attempts to break below the key $1,750 support level, with the last attempt on Friday. Gold closed the week at $1,752, down $15 for the week. During the week, both the U.S. Dollar and 10-Year Treasury Bills stayed in a very narrow trading range, and ended virtually unchanged.

Central bank demand continues to support the Gold prices, but the fourth attempt of the market to break below $1,750 could be key to the short-term direction of the spot price. The December increase in the Fed Funds rates is still expected to be ¾ of one percent and if it comes in lower that could set off a new rally.

Today: Gold sold-off this morning due to a stronger U.S. Dollar, with the U.S. Dollar reaching a high of 107.91 in active trading. Analysts and traders are showing concerns over the next Fed rate increase scheduled for December. Gold has reached a low this morning of $1,734, well below the $1,750 support level.

Silver spent most of last week trading above and below the key $21 per ounce support level.
Silver reached a high of $22.35 and a low of $20.75 last week, closing at $20.97 per ounce, down $0.67 for the week. Supplies of popular investment quality Silver coins and bars remain low as many of the world’s largest mints are cutting their distributors allocations.

Right now, the Silver price is at a curtial point, $21 is a short-term support level and if it breaks that level for more than a few days, we are on the way to test $20 the major support level.
This week the Silver-to-Gold ratio increased to 83.55-to-1 last week.

Today: Silver sold-off with Gold, reaching a low of $20.57 per ounce, before finding bargain buyers. If Silver doesn’t quickly rally back above $21 per ounce, we will probably test the $20 major support level by month end.