GOLD AND SILVER RALLYING AFTER BOTTOMING OUT
| Stuppler & Company is proud to provide our clients this Weekly Market Report (WMR). The report gives you my overview of the prior week’s precious metal and rare coin market activity and news. In each WMR, I share the current status of Gold and Silver along with their support and resistance levels. |
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This Week's Headlines: |
Gold has dropped $180 per ounce since Donald Trump was confirmed to be the next president of the United States. Why?
- An increase in the U.S. Dollar Index value, over 107, the highest in over 2 years.
- A surge in banking, oil and gas, crypto, and high-tech stocks. These industries will see much less governmental regulations and more mergers and acquisitions.
- The IMF considering selling $10 billion worth of Gold to help poor countries.
- A surge in the value of Bitcoin, moving over $90,000 and putting pressure on Gold buying.
- Fed Chairman Powell said that the central bank doesn’t need to be “in a hurry” to cut interest rates because of strong economic growth.
- A disappointing Chinese stimulus package, which was mostly loans.
Considering all the negative issues listed above since the election, if Gold can hold firm above $2,550 per ounce, the downward trend would stop. Right now, Gold needs to move back above the long-term support level of $2,600 per ounce and stay there until the end of the month. Any positive news could easily move Gold back to the mid $2,600 area very quickly. As for the long-term direction, Trump's economic policies remain pro-Gold (read the Trump and the Gold Standard article above). If the Wall Street Journal and New York Times are correct, his polices would result in record budget deficits again, and Gold should see a price of $4,000 per ounce in 2026 or sooner.
Gold started 2024 at $2,062 per ounce, reached a high of $2,790 on October 30th, but fell to a low of $2,537 last Thursday. The Gold price has moved lower for the past six trading days and broke below the important $2,600 support level last Tuesday. I believe last week’s low of $2,537 was when Gold bottomed out, but this week should prove it. Gold closed Friday at $2,565 per ounce, down $125 for the week.
Today: Gold started the day moving higher in Asian trading and kept on moving higher in London and U.S. Trading. Gold reached a high of $2,615, up over $50 in London trading and has shown excellent demand in the U.S., staying above $2,600 per ounce.
I believe Silver bottomed out when it fell to a low of $29.70 per ounce last Thursday, when the price of Gold fell to $2,537 per ounce. Silver closed at $30.37 per ounce on Friday, down $1.02 for the week. Since Silver reached a 2024 high of $34.90 per ounce on October 23, it has seen a lot of volatility and selling. Silver has two very important price levels, $30 is its long-term support level and $32 is a major resistance level. A move above $31 would put Silver on a bullish track.
The Silver-to-Gold ratio moved higher, reaching 85.69-to-1.
Today: Silver tested the key support level in Asian trading, reaching a low of $30.20. Then, it started moving higher as Gold approached the $2,600 level. Silver has reached a high of $31.33 before seeing light short-term profit taking.
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