Gold And Silver Finding Support Above Resistance Levels

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	Silver Was Up Almost 6% Last Month, Here's Why
	Like Gold and other precious metals, silver is a tangible asset that is an inflation hedge. . . .Dalton Brewster
	Gold Price Forecast – Gold Smacks Into Resistance
	Gold markets have rallied again during trading on Wednesday, slamming into the $1680 level. . . . Christopher Lewis
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	Gold prices advanced on Tuesday, reversing some of Monday's losses. . . . Alex Boltyan Commodities
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	Gold reversed course to trade higher as the dollar weakened, while investors kept their ears to the ground for any clues on the U.S. Federal Reserve slowing the pace of its interest rate hikes. . . .Kavya Guduru Reuters
	Gold Price Dodges a Bullet Is there a Chance For a Breakout?
	Prior to Friday's news, markets were looking for a 75 bps hike in November and another 75 bps in December . . . . Anna Golubova "

Over the past three weeks, as the world’s stock and currency markets have traded with a high degree of volatility, Gold has established a trading range. After selling off from the March 8th, 2022 high of $2,070 per ounce, Gold has built a base from a low of $1,616 to a high of $1,700 per ounce since October 10th, 2022. Gold closed on Friday at $1,641 per ounce, down $11 for the week.

Last Friday, an increase in the September U.S. core personal consumption rate of 0.5% caused inflation concerns in the financial markets today. The U.S. Dollar and interest rates increased and Gold dropped $20 to the low of the week.

The Next Federal Reserve announcement is coming November 9th, and the Fed is expected to raise the Fed Funds rate another ¾ of a percent. Traders will be looking carefully at the press release and news conference for any indication or confirmation of another increase in December. Many financial market analysts currently believe that the Fed will increase the Fed Funds rate ¾ of a percent in November and again in December, but any other announcement will dramatically affect the markets.

The big question is what will our economy and the inflation rate look like in January. I believe we will see a sharp increase in unemployment or strong indications that our inflation rate is dropping and that will be highly bullish for precious metals. History has taught me that if I am right, Gold will have already rallied at least 10% by that time. Gold, at the current price level, represents an extraordinary value, and I recommend adding to your holdings of Gold and Silver on the current price weakness.

Today: The Gold market appears to be ON HOLD, awaiting fresh news to give it a firm direction. The U.S. Dollar and 10-Year interest rates are also trading in a narrow range. Gold traded today from $1,633 to $1,646 on average trading volume.

Last week, Silver stayed above the $19 level all week, confirming excellent price support, as it builds a firm base. Silver trading volume on all of the world’s major commodity exchanges was excellent last week. Demand for most of the popular physical Silver investment coins and bars remains excellent. Silver closed the week at $19.12 per ounce, up $0.45 for the week. The Silver-to-Gold ratio dropped again to 85.90-to-1 last week.

Today: Silver should have more price support than Gold, as it briefly trades below $19, but quickly rallies back on good trading volume. Silver has traded today from a low of $18.90 to a high of $19.30 per ounce.