Gold and Silver Trading Above/Below Support Levels

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	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
	Gold Price Rebounds On Expectations of Fed Rate Hike Peaking Soon
	The greenback and bond rates sold off after the Wall Street Journal reported that some Fed officials are concerned about . . . . Staff Writer
	You Want to Be Buying Silver at $18
	He added that while silver has been volatile since the COVID-19 pandemic, the average price in the last three years . . . . Neils Christensen
	Are China and Russia Planning A Gold-Backed Reserve Currency?
	A prominent finance analyst believes China is in the “final stages” of creating a new currency . . . . Henry Chia
	CAC Grading Service Planned for Start in 2023
	According to Albanese, CAC Grading Service is composed of over 125 strategic partners who are professionals in . . . . Larry Jewett "
	Gold Price Hits 3-Week Low as UK Inflation Jumps Again
	Meanwhile, the US dollar has continued to strengthen, rising 0.6% on Wednesday, after a slew of economic data reinforced . . . . Staff Writer"

Last week was a highly volatile week for the precious metal markets. With the 10-Year US Treasury rates reaching a 12-year high of 4.33%. The price of Gold reached a low of $1,616 per ounce last Friday morning during Asian trading, but closed the week in the highs.

Gold started the week at $1,642 per ounce, and traded lower on recession news and a U.S. Dollar moving higher. When the British Prime Minister resigned on Thursday and Fed’s officials confirmed more rate hikes coming, causing the U.S. Dollar to spike higher, Gold quickly sold-off.

On Friday, the Wall Street Journal (WSJ) reported that some Fed officials are "signaling their desire both to slow down the pace of increases soon and to stop raising rates early next year to see how their moves this year are slowing the economy." That WSJ report was all that was needed to cause a major rally in the equity and precious metal markets.

Gold closed at $1,658 last Friday, rallying at $42 from the day’s low and up $16 (1%) for the week, on the highest trading volume of the week.

Today: Today, Gold has traded above and below its important $1,650 support/resistance level. The U.S. Dollar and interest rates also trade in a narrow range and we await the next move by the Federal Reserve.

Two weeks ago, Silver dropped over 10% ($2.16) when Gold fell only 3.6% ($60). Last week, Gold was up 1% and Silver increased 6%. These numbers show that Silver has far more volatility than Gold and any breakout in Gold above $1,700 could take Silver over $20 per ounce. Silver closed the week at $19.08 up $1.06 with very active trading volume. The Silver-to-Gold ratio moved from to 91.25-to-1 to 86.89-to-1 last week.

Today: Surprisingly, Silver has stayed above $19 with the weakness in the Gold price. Silver continues to build a nice base above the $19 per ounce level.