GOLD & SILVER BREAK DOWN AFTER FED COMMENTS

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	Silver Needs To Hold Crucial Support At $30/oz To Maintain Long-Term Bullish Trend
	While silver’s longer-term demand projections support higher prices, in the near term the gray metal faces a test of key support levels... Ernest Hoffman
	Gold Price Treading Water As U.S. Housing Starts Drop 14.6% In The Last 12 Months
	The Federal Reserve’s rate-hiking cycle is not having a significant impact on the U.S. housing sector... Neils Christensen
	Gold And Silver See Year-End Profit Taking
	Gold and silver investors are increasingly turning defensive ahead of year-end as they seek to protect and lock in gains... Ole Hansen
	China May Buy More Gold As Trump Returns To Office
	China’s central bank did not buy gold since April as it hoped to increase its reserves at lower prices and waited... Vladimir Zernov

Last week was definitely exciting, especially after Federal Reserve Chairman Powell’s news conference on Wednesday. Powell said that the Federal Reserve will likely only do two interest rate cuts in 2025, not the four cuts originally stated. The financial markets immediately reacted to this statement. The Dow Jones Industrial average dropped over 1,100 points and other stock indices, bitcoin and precious metals also dropped.

Gold reached a low of $2580 last Thursday. Gold was clearly over-sold and rose sharply on Friday. Gold closed the week at $2,624 per ounce, down $30 for the week on average volume.

This week, we will see many important U.S. economic indicators, such as the November Consumer Confidence Index, Durable Goods Orders, New Home Sales and Jobless Claims. All these indicators, if dramatically higher or lower than anticipated, will affect the precious metal prices.

I would like to see Gold close 2024 between $2,650 and $2,700 per ounce, setting up 2025 to be another bullish year for Gold owners. I believe a Trump administration will put more volatility and uncertainty into the financial markets, which could easily drive the Gold price to $3,000 per ounce in the first quarter of 2025.

Today: The Gold price rose today in Asia and the Middle East, trading over $2,630 per ounce. Then there was selling as the market rolled into the U.S. and Europe. A stronger U.S. Dollar index drove the price down.

Last Friday, Silver closed at $29.48 per ounce, down $1.03 on highly volatile trading. Silver reached a low of $28.84 on Thursday before rallying back on Friday. Not holding above the key $30 per ounce support level has given Silver a bearish trend, with long-term support at $28 per ounce and resistance at $30. If this week’s economic indicators can move Gold back over the $2,650 level, Silver should rally.

Today: Silver followed the Gold price higher in early morning trading, reaching a high of $29.91 per ounce. Short-term profit taking and selling lowered the price in the U.S. market.

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