Gold and Silver Tested Key Support Levels Last Week And Held

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	Silver Looks To Be Heading To An Important Support Area
	Silver has been moving lower in recent sessions and today is no different as the grey metal is trading 0.40% lower. . . . Rajan Dhall
	Chinese Gold Imports From Russia Surge 750% in July
	China has significantly stepped up its gold purchases from Russia amid a Western ban on Russian gold following its invasion of Ukraine. . . . Shiela B Robue
	It’s A Good-News Bad-News Scenario for The Gold Market
	Despite the losses this year to date, gold has vastly outperformed the broader stock market . . . . Simon Constable
	Powell warns of some pain ahead As the Fed fights to bring down inflation
	Federal Reserve Chairman Jerome Powell delivered a stern commitment Friday to halting inflation, warning that he expects the central bank to continue raising interest rates in a way that will cause . . . . Jeff Cox
	Catalyst for $3,000/Ounce Gold Price: Central Banks Buying Gold
	On the other hand, you’ll rarely hear from the mainstream media about central banks loading up on gold. It’s astonishing what central banks have been doing lately. In fact, three of the . . . . Moe Zulfiqar

Last week, Gold broke down below the key $1,700 per ounce level in Asian and early European trading, but Gold rallied back and closed the week at $1,709 per ounce, down $27 for the week.

Many of the major players in the Gold market have been concerned about what would happen to all that Russian Gold that has been banned from trading on the London Bullion Market. Well, that question has been answered. For full details, please read the article attached above on Chinese Gold Imports From Russia Surges 750%.

The Gold price remains under pressure from concerns about the U.S. Federal Reserve raising interest rates which also drives the value of the U.S. Dollar higher. While the equity and other financial markets are being driven lower, we see a lot of resistance to driving Gold below the key $1,700 support level.

Today: Over the long holiday weekend, Asian and European financial markets continue to react negatively to our Federal Reserve's recent, tightening policies. The U.S. Dollar Index hit a 20-year high of 110.50 and interest rates of the 10-Year Treasury reached a new high of 3.35%. Gold held above the $1,700 level, after reaching a high of $1,722 per ounce.

Last week, Silver reached a low of $17.53 before finding major buying, primarily from European buyers. Silver closed the week at $17.94, down $0.81 for the week. The Silver-to-Gold ratio closed at 95.26-to-1 in the past week. Over the weekend, Silver moved to a high of $18.68 before seeing short-term profit taking.

Today: Silver stayed above the key $18 per ounce level today. Demand and premiums continue to show excellent strength today.