Gold & Silver Are Starting The Last Leg Of The Next Rally
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Stuppler & Company is proud to email our clients this Weekly Market Report (WMR). The report gives you my overview of the prior week’s precious metal and rare coin market activity and news. In each WMR I share the current status of Gold and Silver along with their support and resistance levels. |
This Week's Headlines: |
Last week, Federal Reserve Chairman Powell made it clear to legislators that the Fed was continuing to look at ways to provide more stimulus to the financial markets. He also requested that Congress continue to provide financial relief to main street, as well as states, schools, and hospitals. Other news included states reporting worsening COVID-19 results, adding to investor’s concerns and thus driving them to safe haven investments.
Gold stayed above the key $1,700 per ounce support level all last week. Global demand continues to pick up, and physical Gold supplies has been limited by strong buying. Gold closed the week on its highs of $1,745 per ounce, up $15 for the week. This indicates to me that the price wants to move higher. Gold reached the yearly high of $1,780 on April 14th, and I think it will make a new high very soon.
Today: Gold moved above the key $1,750 resistance level during Asian trading last night and kept moving higher in Europe. Gold reached a high of $1,765 as it moved from Europe to U.S. trading. The only bullish news for Gold was a report from the National Association of Realtors (NAR) stating May home sales dropped 9.7% to only 3.91 million units.
Silver continued to test the $17.50 per ounce support level most of last week. Silver found fresh buying on Friday, closing the week on its high of $17.72 per ounce, up $0.25. The high volatility hasn’t lessened, as Silver briefly broke above $18 on Friday, but saw weekend profit-taking; the Silver-to-Gold ratio has stayed at the same 98-to-1. Demand for many of the popular Silver investment items has started to pick up again, as premiums firm up.
Today: As Gold approached its high of $1,765, Silver broke above the key $18 resistance level, reaching a high of $18.19 per ounce. At that point Silver saw some short-term profit taking, but held above $17.80 per ounce.