GOLD REACHES ALL-TIME HIGH FOLLOWED BY PROFIT TAKING

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	Wow, Nobody Wants To Buy - US Investors Exit As Gold Prices Surge
	Central banks are buying gold while investors are selling it in an example of how geopolitical shifts are affecting commodities... Gabriel Friedman
	Gold Price Retreats From Record Peak Amid Some Profit-Taking, Fed Rate Cut Bet Favor Bulls
	Gold price gains strong positive traction for the second straight day and refreshes record high....Haresh Menghani
	Silver Discovers Gravity
	Silver has ran into a bit of gravity during the session on Thursday, as traders are likely to take a bit of a break from the momentum trade.... Christopher Lewis
	Gold Prices Jump Higher As Federal Reserve Signals Three Rate Cuts This Year
	Gold investors are breathing a sigh of relief, and the market is seeing some renewed buying momentum....Neils Christensen
	Gold Market Still Has Plenty Of Gas Left In The Tank
	The gold market may be taking a bit of a breather right now, but if this consolidation is any indication, the market still has plenty of gas left in the tank. . . .Neils_C

What a week we just had. Gold reached an all-time high of $2,220 per ounce in late trading late Thursday night after Federal Reserve Chairman Powell gave a news conference. Powell said:

“THE INFLATION GOALS ARE MOVING INTO BETTER BALANCE”

“LONG TERM INFLATION EXPECTATIONS APPEAR TO REMAIN WELL ANCHORED”

“THE FEDERAL RESERVE SIGNALS IS STILL ON TRACK TO LOWER INTEREST RATES THREE TIMES THIS YEAR”

On Friday, we saw some profit-taking in Gold markets around the globe. A $65 rally after Chairman Powell’s announcement was way too much for the market to support. Many commodity traders shorted Gold when it moved above $2,210 and covered those short sales on Friday when the price dropped below $2,200. That selling on Friday, combined with a 1-month high of 104.35 in the U.S. Dollar Index, led to a sell-off in the Gold price, reaching a low of $2,156. Gold closed Friday at $2,165, down $20 from Thursday’s close.

I would like to see Gold stay in a $2,150 to $2,200 trading range next week, as it would be excellent consolidation and base building for the next break above $2,200 per ounce. Physical demand remains at record levels from Central Banks and concerns about the Geopolitical problems caused by the wars in the Middle East and Ukraine is driving buyers to consume hundreds of tons of Gold.

Today: Gold reached a high of $2,182 per ounce in early Monday trading, as the dollar index weakened (104.2) amid hopes of a Federal Reserve rate cut in June. Demand for physical and future contracts remains high, which is giving the price excellent support.

Silver reached a yearly high of $25.85 in after-market trading Thursday night. Silver moved higher Thursday as demand for Gold drove the price to $2,220. Silver is showing a lot more volatility than Gold and Thursday’s trading volume was the highest it’s been since December of last year. Last week, Silver reached a low of $24.40 and a high of $24.85, a $1.40 range (5.7%).

Silver closed Friday at $24.65, down $0.55 per ounce. Silver needs to move back above $25 early next week and stay there for a few weeks to show solid consolidation for the next move to the key resistance level of $30 per ounce.

Today: Silver has traded between $24.51 and $24.92 this morning in light trading. Silver can be explosive on any Gold rally, but needs to move back above $25 per ounce for a positive look by professional traders.

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