Gold & Silver Test Support And Are Moving Higher

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	$23.00 Resistance Confluence Prods Silver Bulls At Weekly Top
	Silver Price struggles to defend the four-day-old winning streak as it retreats from the weekly top surrounding $23.10 to $22.90 during early Wednesday. . . . Anil Panchal
	At 21,000 Tonnes, Indian Households Possess More Gold Than World Bank's Reserves
	Indian households are believed to possess approximately 21,000 tonnes of gold, maintaining their position as the world’s largest holders of the precious meta . . . . India Delhi
	Gold Weaker As Fed's Powell Maintains Hawkish Tone
	Gold prices are modestly down and silver prices are solidly lower in midday U.S. trading Wednesday.... Jim Wyckoff

At the start of June 2023, the Gold price was $2,000 and the talk was about interest rates dropping by the end of the year. On June 14th, Federal Reserve Chairman Powell announced that the Fed Funds rate would remain unchanged, as expected. However, in his news conference, he made it clear that the fight against high inflation wasn’t over, and interest rates are likely to move higher. Gold dropped an additional $50 by the end of June.

The last couple weeks of June, many of the economic inflation and employment indicators remained hawkish, affecting the sentiment of market analysts. The recent feeling by financial market analysts is that we will see a higher fed fund rate in July and at least two increases by the end of the year. That feeling has driven the price of Gold down to test the key $1,900 per ounce level twice.

As we roll into July, precious metal traders are hoping to see lower inflation indicators and higher unemployment numbers, which would directly affect the Federal Reserve’s policy direction. Gold closed last Friday at $1,920, down $80 (4%) for the month. Holding above the key $1,900 per ounce support level has been important for Gold, considering the corrections we have seen with many of the other commodities and precious metals during the month of June. The Gold price appears to have put the worst behind and a move above $1,950 would confirm that.

Today: This morning in late Asian trading and early European trading, Gold reached a low of $1,910 per ounce. As the market rolled out of Europe and into the U.S. we saw heavy demand, driving the price up $20 per ounce. The U.S. market is focusing on data released last Friday showing that U.S. inflation cooled in May, while consumer spending stagnated, signaling that the economy may be losing steam.

Last month, the Silver price moved from $24.03 on the 1st of June, to close at $22.76 last Friday.

The market’s concern about the Federal Reserve policy on fighting inflation continues to put pressure on the price of Silver. As we roll into the summer months, the physical demand for many of the popular Silver investment and collector coins has decreased. Premiums are dropping to a more affordable level.

Today: As Gold sold off in early trading the price of Silver held well above the $22.75 level. Silver is looking to break above the $23 level today on bargain buying.

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