Gold Holds In Tight Trading Range, While Silver Sets New 2019 Lows

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Gold
Silver
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Since I have been gone on vacation, the Gold market has stayed between the $1,272 to $1,300 per ounce price range. Gold has been unable to break above the key $1,300 level, while having extraordinary support when it reaches $1,270. Gold closed at $1,276 on Friday, down $10 in the past week.

What are the major factors that are causing the current tight trading range? The U.S. Dollar has been the primary factor for the weakness in the Gold price. The Dollar continues to be the strongest of all major currencies. The U.S. Dollar Index is very close to the 98 level, up a sizable 3% since the beginning of 2019.

The fact that interest rates have dropped to 2.40% on the 10-Year Treasury (lowest rate in 2019), has provided support for the Gold price. Also, Central Bank Gold purchases have increased dramatically in April and May, trading in their over-valued U.S. Dollars for physical Gold every time Gold traded in the $1,275 per ounce area.

Today: Gold is trading in a very narrow $4 High/Low range, from $1,275 to $1,279 per ounce. Middle East tensions are leading to higher oil prices, which adds to the already increased inflationary concerns caused by higher tariffs in the near future.

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The Silver price hasn’t performed as well as Gold in the past month. Silver can’t move back above the important $15 per ounce level and continues to show weakness. Silver closed Friday at $14.38 per ounce, down $0.40 for the week and at the lowest price in 2019. The important Silver-to-Gold ratio has dropped to 88.47-to-1. Unless the Gold price moves back above the $1,300 per ounce level, it is likely that Silver could test the $14 per ounce support level.

Today: Silver reached a new 2019 low of $14.30 per ounce this morning, before buying came in and drove the price up $0.10 per ounce.

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