Gold & Silver Testing Key Support Levels

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After reaching a high of $3,440 last Wednesday, Gold was hit with profit-taking and dropped $100 per ounce. Gold closed on Friday at $3,334 per ounce, down $17 for the week.

I was in London last week when Gold was very actively trading and learned a lot about the major buyers of Gold. For over 100 years, many of the largest central banks in Asia and the Middle East have traded Gold in London, and recently they have been aggressive buyers, especially on any sell-off. Most of the banks have been dumping U.S. Dollars and using those funds to increase their Gold reserves. This U.S. Dollar liquidation is a major reason the U.S. Dollar is trading near a 3-year low. The U.S. Dollar Index is trading at 97.67.

The volatility in the Gold price I saw last week, combined with yesterday’s trade agreement announcement with the EU, should cause Gold to test the key $3,300 support level. If the Gold price ends Monday’s trading above $3,300 it would
confirmed to me that $3,300 per ounce is definitely the major support level for Gold.
That would mean we are on our way to $3,500 per ounce this summer.

Key Economic data to watch this week:
The week of July 28th to August 1st, 2025
- Tuesday: Consumer Confidence
- Wednesday: Gross Domestic Product, FOMC interest rate decision
- Thursday: June Initial jobless claims
- Friday: U.S. Employment rate & Report

Today: I watched the Gold price trade last night from Sydney, to Shanghai, Dubai, London to the U.S., and it never got near the $3,300 support level. Gold reached a low of $3,321 during Australia trading and started moving higher in Shanghai. However, as Gold trading moved into the U.S., the price saw selling on the EU trade agreement news and reached a low of $3,301 per ounce. At the point fresh buying appeared and rallied the price $15 per ounce. The Gold market awaits further direction from the Federal Reserve’s policy statement due on Wednesday.

Last week, Silver traded from a low of $37.75 to a high of $39.23 as it reached a new 13-year high. Silver broke out above the key $38 per ounce resistance level leading to massive short-covering and fresh buying. Many investors in China, India, and Russia are looking at Silver as an alternative to Gold, because of its bargain price and its high ratio to the Gold price. Silver closed Friday at $38.26 per ounce, down $0.41 as the price traded with lots of volatility.

After Sunday’s announcement of a US trade deal with the EU, although the 15% tariff will be highly inflationary, I expect to see the Silver price test the $38.00 support level. The Silver-to-Gold ratio on Friday was 87.54-to-1.

Today: Today, Silver reached a low $37.96 per ounce in early oversees trading, then quickly moved higher from that level. Silver traded between the $38.20 to $38.40 area until trading moved in the U.S. In the U.S. Silver saw selling, driving the price down to $37.82 and then buying came back, taking the price back above the key $38 support level.

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