GOLD SETTING ALL-TIME RECORD DAILY – NEAR $2,200

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It just kept getting better for Gold investors last week, with the prices rising all five days. By the end of the week, Gold rallied $90 (4.3%) and closed on Friday at $2,178 per ounce. On Friday, Gold reached a high of $2,196 before seeing weekend profit-take. After March’s $130 rally in the Gold price, it would be healthy, for the long term, if Gold could take a breather and trade between $2,150 and $2,200 for a while. Although, $2,200 is on Gold’s radar, a short pause would give Gold an opportunity, early in the year, to build a firm base for the next leg higher of $2,400 by year-end which is still my prediction for Gold this year.

The demand driving the current Gold rally is not coming from U.S. investors. The rally has been led by Chinese, Indian, middle eastern and UK buyers, plus many of the world’s largest central banks. The two wars and the terrible violence on land and sea around the world continues to show that Gold is the ultimate safe haven investment.

Other factors that have been bullish for the Gold price last week were lower interest rates and a drop in the U.S. Dollar. The interest rate on the U.S. 10-Year Treasuries has dropped to 4% during last week’s trading. While, the U.S. Dollar index is now below 103, the lowest level in the past two months.

Today: Gold is trading today in a very tight $10 high/low supportive range. It has traded between $2,175 and $2,185, which is very positive for the short and long-term direction of the price.
The U.S. consumer price index is scheduled for release Tuesday with March data. The Federal Reserve closely tracks both labor market and inflation data when determining monetary policy.

On Friday, Silver closed at $24.32 per ounce, up $1.30 (5.6%) during five active days of trading.
Silver has cleanly moved above the key $24 level, closing above that level the last three days of the week. Silver failed to stay above the key $24 price numerous times last year. So, Silver badly needs to build a firm base above $24 over the next few weeks. The $25 level has been a major resistance level since May of 2023. Last week, Silver’s price increase has driven the Silver-to-Gold ratio to 89-to-1.

Today: Silver has traded well above the $24 per ounce level today. Silver did reach a high of $24.59 before seeing some light profit-taking. Firmly moving above $24.50 and staying there for a few trading days would set an excellent platform for a rally to $25, a long-term resistance level.

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