GOLD & SILVER STUCK BETWEEN RESISTANCE & SUPPORT LEVELS

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	Turkey Maintains Status As World’s Biggest Gold Buyer In January
	Turkey bought 23 tonnes of gold in January, making it the biggest buyer of the precious metal among central banks globally over the period.... Asli Kandemir
	China’s New Year Buyers Look To Gold As Stocks & Property Crash
	Sales of gold, silver and jewelry have been brisk for months, defying wobbles in the Chinese economy centered around the protracted crisis in the property market.... The Business Times
	Platinum Price Repeats The Negative Fluctuation
	Platinum price repeated the negative trades by providing new closings below the MA55 at 915.00.... Economies.com
	Gold And Silver Turn Defensive On Reduced Fed Rate-Cut Optimism
	We keep a bullish outlook for gold and silver, but for now, both metals are likely to remain stuck until we get a better understanding about the timing, pace and depth of future US rate cuts.... Ole Hansen
	Gold Trying To Move Higher, But Still Very Sensitive To US Numbers
	Gold remains keenly attuned to nuances over the US economy and the rate outlook, while the physical market remains reasonably solid.... StoneX Bullion
	Solar Is The 800-Pound Gorilla Of Silver Demand
	Silver is increasingly becoming an industrial metal, said Peter Krauth, editor of Silver Stock Investor — noting industry now consumes 60 percent compared to 50 percent a few years ago.... Andrew Topf

Last week Gold traded between $2,020 and $2,048 per ounce, closing the week at $2,025, down $15 for the week.

It is now 39 straight trading days with the Gold price closing above $2,000 per ounce. Gold is building an incredible base for the next leg higher after the Federal Reserve gives a strong indication it is lowering interest rates. Hopefully, that indication will come in March 2024. Right now, Gold appears to be stuck trading between the support level of $2,000 and the resistance level of $2,050 per ounce.

The bullish facts that are keeping Gold above its $2,000 support level are:
• An 11-nation middle east war that threatens to spread to World War 3
• U.S. economic inflation news that continually comes in at lower levels
• Record setting physical demand for Gold from central banks and consumers
• China’s stock and property markets crashing, driving record Gold demand

The Bearish facts that are keeping Gold below the $2,050 resistance level are:
• A strong U.S. Dollar which has rallied 3% since the start of 2024
• A soaring U.S. stock market – Nasdaq up 10% since the start of 2024
• The Federal Reserve’s reluctances to start lowering interest rates
• Strong U.S. employment numbers with unemployment at 3.7%

Today: Gold traded between $2,011 and $2,028 as it moves lower on a strong move in the U.S. Dollar today. The precious metal markets await Tuesday’s release of key inflation data for further direction.

Silver followed Gold’s lead most of the week lower, closing on Friday at $22.60 per ounce, down $0.10 per ounce with average trading volume. Silver did hit a low of $22.10 per ounce before seeing a sizable amount of overseas bargain buying. That weakness drove the Silver-to-Gold ratio to over 90-to-1, an extraordinary level.

Today: Silver is showing more price support than Gold today, as buyers keep the price above the key $22.50 per ounce level.

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