Gold & Silver Set New Lows While Testing Support

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Last week was an ugly week for precious metal investors with Gold dropping $80 per ounce. Gold broke below the key $1,900 support level and kept on going. Last week, U.S. interest rates and the U.S. Dollar Index kept moving higher, setting new highs.

Last Friday, Gold fell to the lowest price since March, reaching the key $1,850 per ounce level.
The $1,850 level is a key support level for the Gold price, because breaking that level could drive the Gold price down to $1,818, the 2023 low. It’s clear that right now the value of precious metals is on the defensive, however, any sharp decline in U.S. interest rates or the value of the U.S. Dollar will be a shot in the arm for Gold and Silver.

Today: Gold falls to trade near a seven-month low ($1,826 per ounce) early Monday amid a strong dollar and expectations that interest rates will remain high for some time. The next support level for Gold is the 2023 low of $1,818 per ounce.

Last week, Silver showed better price support than Gold, trading above and below the $23 support level numerous times. On Wednesday, under the pressure of heavy Gold sales, Silver broke down and closed on Friday at $22.20, down $1.40 per ounce for the week. If the Dollar and interest rates remain strong, it’s a good bet that the Silver price will break the $22 per ounce support level.

Silver ended last Friday’s trading above the key $23 level, closing at $23.08 per ounce. Friday’s rally was very impressive considering the fact that interest rates and the U.S. Dollar index are at record highs. The U.S. Dollar Index continues to trade at 105, while the interest rate on the
10-Year Treasury bills is over 4.32%, a 16-year high.

The Silver-to-Gold ratio has increased to 83.33-to-1, still an excellent investment time.

Today: Silver fell with Gold, breaking below the $22 per ounce support level and reaching a low of $21.19 per ounce before finding bargain buyers.

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