Gold And Silver Testing Recent Support Level, Before Its Year-End Rally

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The two major news events that affected the precious metal prices last week were the minutes from the Federal Reserve’s October meeting and news on progress, or lack of progress, with the U.S.-China trade talks. The Federal Reserve’s October minutes indicated that they aren’t likely to lower interest rates again in December and do not see any immediate increase in the inflation rate.

As for the U.S.-China trade talks, China’s top trade negotiator, Liu He, has invited his U.S. counterparts—U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin — for a new round of face-to-face talks in Beijing. But bills passed by the U.S. Congress this week in support of Hong Kong protestors and other roadblocks may delay any trade deal.

Both issues weren’t bullish for equities or precious metals last week and Gold closed between $1,462 and $1,473 per ounce all week, closing last Friday on the low of $1,462, down $5 for the week. As we approach the Thanksgiving holiday weekend, I expect to see very light trading for most of the week. Gold is in a defensive posture right now, but I believe it will turn higher by month end.

Today: Gold opened lower in Asian trading based on reports that the Chinese were moving closer to making a trade deal. Over the weekend the Chinese government called for stronger protections in sharing intellectual property, a key issue in U.S. – China negotiation. This news caused Gold to drop $5 per ounce to $1,457.

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Like Gold, Silver traded in a narrow range last week, closing between $16.98 and $17.10 all week. $17 per ounce is an important level for Silver, but $16.60 has acted as a key support level earlier this month. Silver closed last Friday at $17.00 per ounce, up $0.05 for the week.

I look for Silver to move higher with Gold by the end of the month. The Silver-to-Gold ratio decreased to 86.06-to-1 and is heading lower.

Today: Silver moved lower with Gold, breaking below the key $17 per ounce level. Silver found support at $16.90 per ounce and has rallied up $0.05 on bargain buying.

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