Gold And Silver Testing Support Levels Before Next Leg Higher

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Last week, the financial markets were in turmoil with equity and interest rates dropping. During that period, investors jumped into Gold over renewed concerns about slowing global growth and the ongoing trade issues between the U.S. and China. Gold closed the week at $1,512 per ounce, up $15 for the week and up $90 since the beginning of the month.

Major financial institutions are calling for lower interest rates and higher Gold prices. UBS is calling for $1,680 by 2020. TD Ameritrade believes Gold could reach $2,000 within the next year. Merrill Lynch is looking for an inverted yield curve and Gold may hit $2,300 per ounce.

Why are the financial giants so optimistic about the Gold price? Because, many countries are at, or moving towards negative interest rates and Gold is trading at an all-time high in their countries’ local currency. The same is likely to happen in the United States next year.

Right now, Gold continues to build a bullish base, consolidating between $1,500 and $1,523 per ounce for the past two weeks. Gold is up 19% since the beginning of the year on building demand momentum. I’m still looking for $1,600 this year and it could come quicker than originally anticipated.

Today: Based on a fresh high in the U.S. Dollar Index, Gold tested its $1,500 per ounce support level this morning. Gold hit a low of $1,492 in early Asian trading, and quickly moved back above the key $1,500 level on fresh buying.

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Silver firmly moved over the important $17 per ounce resistance level last week. Silver reached a high of $17.28 last Wednesday, before seeing short term profit taking. Silver closed at $17.10 last Friday, up $0.19 for the week. Silver is likely to test the $17 level this week, and based on the strength of the Gold price, I expect to see it hold, as I still believe Silver will reach $18 later this summer.

Today: Silver also broke its key support level of $17 per ounce this morning. Silver traded as low as $16.82 before finding short-covering and fresh demand. This is an important test of Silver’s long and short term support.

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Last week, I attended the largest rare coin convention of the year. The American Numismatic Association hosted the World’s Fair of Money in Rosemont, Illinois. This convention saw thousands of rare coin dealers and collectors/investors in attendance. Demand for Gold and Silver rare coins was strong on the trading floor and at the two major auctions.

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