Gold & Silver Building Support At Lower Price Levels

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	Silver Market May Face Economic Headwinds in 2023
	Silver is off to a good start in 2023. The year-to-date silver price average for 2023 (through to February 7) is more than 8 percent higher than the full year price average for 2022. . . . Silver Institute
	Gold Rises As US Dollar Weakens After Fed Chair’s Inflation Remarks
	Investors are tracking the dollar and global economic situation for direction as interest rates are expected to rise. . . . Kavya Guduru
	Silver Snaps Four-Day Downtrend As Bulls Attack $22.30 Hurdle
	Silver price buyers jostle with the key Exponential Moving Average (EMA) hurdle as the bright metal rebounds from the two-month low to print the first daily gains in five . . . .Anil Panchal
	Gold Market Sees Little Reaction As Bank Of America Warns That It Is Preparing For A Possible Government Default
	The gold market, while off its recent lows, remains below $1,900 and is seeing little reaction to statements from Bank of America that it is preparing for the U.S. government to possibly default on its debt obligations. . . . Neils Christensen
	Silver Continues to Find Buyers on Dips
	Silver has initially fallen a bit during the trading session on Wednesday initially, but then turned around to show signs of life again. . . .Christopher Lewis
	Central Banks Bought 1,136 tons of Gold in 2022 as Demand Surged to 11-Year High
	Global central banks purchased 1,136 tons of gold in 2022, driving the demand for the yellow metal to the highest mark since 2011. . . .The Tokenist

Last week, Gold traded between $1,852 and $1,890 after a drop of $100 from the February 3rd high of $1,962 per ounce. The same day, we had the unexpected increase of 517,000 new U.S. jobs for January and the U.S. unemployment number dropped to a 53-year low of 3.4%. Analysts are now predicting another ¼ point increase in the Fed fund’s rate to 5% in March. Gold is now building a base above the key $1,850 per ounce support level. Gold closed last Friday at $1,862 per ounce, down $2 for the week.

Gold must not break below $1,850 on this correction and it needs to move back above $1,900 within the next few weeks to regain its bullish sentiment for traders. Strong demand from central banks and Asian investment firms should help with demand at the current attractive price level. A stronger U.S. Dollar could continue to have a negative effect on the price.

Today: Gold is sitting above $1,850 in anticipation of the consumer price index report that will be released tomorrow morning and it will give more information on inflation. At 11am PT today, Gold is trading at $1,854 per ounce, down $8.

The U.S. employment/unemployment news has affected Silver’s price more than Gold. Silver reached a low of $21.80 on Friday, before closing at $22.03, down $0.32 for the week. Breaking below $22 would be very negative to the short-term direction of the Silver price.
Over the past two weeks the Silver-to-Gold ratio has soared to 85-to-1.

Today: Silver slipped below the $22 level as it waits for the report tomorrow. At 11am PT today, Silver is trading at $21.91 per ounce, down $0.09.