GOLD & SILVER TEST KEY SUPPORT LEVELS

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	Silver Appreciates To Near $28.50 After US Jobless Claims
	Silver price extends its gains for the third consecutive session, trading around $28.50 per troy ounce during the Asian session on Friday.... Akhtar Faruqui
	Weekly Jobless Claims Jump To 231,000, The Highest Since August
	Gold prices have held critical support above $2,300 an ounce as markets look for the Federal Reserve to signal it will maintain its restrictive monetary status longer than expected.... Neils Christensen
	China Is Buying Gold Like There’s No Tomorrow
	Chinese consumers have flocked to gold as their confidence in traditional investments like real estate or stocks has faltered.... Daisuke Wakabayashi and Claire Fu
	China’s Silver Economy Fuels A New Gold Rush
	While China’s younger generations are often spotlighted for their interest in gold jewelry, older consumers are forecast to drive a market surge in 2024.... Avery Booker
	Gold, Silver Firmer After FOMC Statement With No Big Surprises
	Gold and silver prices are posting decent corrective advances in early-afternoon U.S. trading Wednesday... Jim Wyckoff
	Goldman Sachs Says Gold’s Bullish Momentum Remains Even If The Fed Maintains Restrictive Rates
	Gold prices have held critical support above $2,300 an ounce as markets look for the Federal Reserve to signal it will maintain its restrictive monetary status longer than expected.... Neils Christensen

Gold spent the early part of last week testing key support above the $2,300 per ounce level. However, as we rounded into Friday trading, strong speculation that the Fed will cut interest rates in the next few months took the Gold price up to $2,370. Gold closed on Friday at $2,361 per ounce, up $60 for the week. After some short-term support level testing, I would expect to see Gold move back to the $2,400 level.

During April, the U.S. Dollar Index has rallied to over 106, the highest it’s been in 2 years. Interest rates for the Treasury’s 10-year bill have set new 2024 highs, Many of the popular inflation and employment indicators were surprisingly more positive than anticipated. The Federal Reserve has also made it clear that lowering interest rates may not come until the fall at best. Without the heavy central bank and Asian demand, the price of Gold would have easily tested the $2,100 support level.

Gold has consistently shown excellent price support every time the price reaches the $2,300 per ounce support level. Many of the world’s largest central banks have increased their purchases this year, and when they buy, it’s in metric tons, not ounces. These central banks rarely talk about the price direction of Gold, but many of the largest financial institutions do.

Goldman Sachs sees the price of Gold at $2,700 per ounce in 2024, while Bank of America, Citibank, and many others are predicting Gold will be much higher by year-end.

Today:
Gold opened higher in Asia this morning, reaching $2,365 per ounce, before seeing some short term profit-taking. In late Asian trading and during European trading, Gold dropped to $2,330 before finding support with fresh buying.

Last week was an excellent week for Silver investors, as Silver moved from $26.50 to $28.15 per ounce, up $1.65 for the week. Its very important that Silver establish a firm base above $28 per ounce, because $30 is the next long-term target. Last week, Silver showed strong demand from Monday on. Demand has been from Asia and the middle eastern commodity markets, but recently there has been an upsurge in U.S. buying. The current Silver-to-Gold ratio has dropped to 83-to-1 and still is an outstanding value.

Today: Silver followed Gold higher in early trading, reaching a high of $28.31 before seeing selling.
Silver found excellent support above $28 in European trading after reaching a low of $27.93 per ounce. Right now, it appears that Silver has better price support than Gold.

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