GOLD SHOWING GOOD SUPPORT & HEADING TO $2,600

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Last week Gold gradually moved higher, reaching $2,525 on Thursday, and then came Friday.
Friday started well with a The Labor Department releasing the August Non-farm payroll numbers. Non-Farm payroll grew by 142,000 new jobs in August, lower than the expected increase of 161,000 and Gold rallied. Gold moved to $2,530 on this news, then came week-end profit taking, causing Gold to sell-off. Gold closed on Friday at $2,495 per ounce, down $3 for the week.

Gold has dropped every September since 2017. Over that period, the average decline has been 3.2% in September – easily the worst month of the year, and far below the monthly average gain of 1%. However, I believe Gold may test the $2,500 level a few times this month, but this streak will stop this year. Gold’s recent consolidation around $2,500 is primarily due to the upcoming lowering of interest rates, numerous weak U.S. economic indicators and on-going geopolitical wars. I still believe these issues will drive the Gold price higher, reaching $2,600 by the end of September and $2,800 by year-end.

This coming week we have a number of key U.S. economic announcements. Wednesday, we hear the August and YOY CPIs. Thursday, the August Initial Jobless claims and producer price index will be reported. These will definitely move the financial and precious metal prices. But the big news is coming on Sept 18th when the Federal Reserve will release their interest rate decision. Based on these reports and the geopolitical wars, I still believe Gold will reach $2,600 by month end.

Today: Gold has traded above and below the key $2,500 level today on rate cut expectations. Last week’s release of the key U.S. jobs report for August had cast doubt on how big the Federal Reserve’s long-expected interest rate cut will be next week.

Last week wasn’t good for Silver investors. Silver was unable to move back above the $29 level and did not hold the $28 resistance level, reaching a low of $27.62 on Friday. Silver closed at $27.80 per ounce, down $0.93 for the week. Silver is far more volatile than Gold, moving up and down at a greater percentage than Gold. Last week the Silver-to-Gold ratio increased to 89-to-1.

Today: Silver traded this morning between $27.67 and $28.43 as it follows Gold’s market strength. We need to see Silver stay above the $28 per ounce level as it consolidates after recent weakness.

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