Gold & Silver Showing Fresh Buying And Rallying
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Stuppler & Company is proud to provide 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. |
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This Week's Headlines: |
Gold reached a low of $1,804.70 last Tuesday during European trading. Then, the U.S. markets opened and it was announced that the Consumer Confidence Index (CCI) dropped to a low of 102.9, compared to an estimate of 108.5. This is the second consecutive month it has declined.
The CCI is a strong economic indicator showing that lower inflation is on the horizon. On Wednesday, it was reported that the U.S. manufacturing (ISM) and construction had contracted in January. The U.S. Dollar Index dropped (below 105) on this CCI and ISM news, and many market analysts believe this is negative for higher interest rates.
Gold rallied off last Tuesday morning’s lows and kept on moving higher than the balance of last week. Gold closed last Friday at $1,854 per ounce, up $38 for the week. What’s important about Friday’s close is that it’s above $1,850 per ounce, a key resistance level and a long-term support level. If Gold can stay above the $1,850 level this week, it would give professional traders a good reason to turn bullish on the short-term direction to go positive.
Today: A bull/bear war in the Gold pits around the world is happening today and continues in U.S. markets. The Gold price has traded above and below the key $1,850 support level most of the trading sessions. Gold has reached a low of $1,847 and a high of $1,859. Traders are looking forward to Fed Chairman Jerome Powell's testimony before the U.S. Senate on Tuesday and a House committee Wednesday. What he says or indicates will dictate the short-term direction of the Gold price.
Silver, like Gold, reached a recent low of $20.44 per ounce last Tuesday morning and then rallied higher. The same negative economic indicators that helped Gold rally also provided Silver with fresh buying. Silver closed on Friday at $21.17, up $0.47 for the week. As many of the world’s largest mints are releasing their popular Silver investment coins, the premiums are dropping. The Silver-to-Gold ratio remains at an unbelievable 87-to-1.
Today: Silver has behaved better then Gold, holding above the key $21 level during today’s trading.
Silver reached a low of $21.02 and a high of $21.35 in precious metal markets around the world.
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