Gold & Silver Testing Key Support Levels

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	Gold Price Rallies After Soft U.S. Jobs Report
	Gold and silver prices are higher in early U.S. trading Friday, boosted by a downbeat U.S. economic report that should assuage Federal Reserve Board members who are worried about a U.S. economy that is running too hot.... Jim Wyckoff
	UK Cracks Down On Gold And Oil Networks Propping Up Russia’s War Economy
	Foreign Secretary announces 29 new UK sanctions targeting individuals and entities operating in and supporting Russia's gold, oil and strategic sectors.... Foreign, Commonwealth & Development Office, National Crime Agency, and The Rt Hon James Cleverly MP
	China Is Hoarding The World's Gold
	Despite China being the largest producer of gold in the world, its central bank has been at the forefront of a surge in purchases of the precious metal on the international market as it seeks to reduce its reliance on the dollar.... Aleks Phillips
	Gold Eyes Record Highs As Traditional Headwinds Mysteriously Subside
	It’s hard not to like gold in an environment of heightened geopolitical tension, soaring government budget deficits and elevated mining costs, potentially limiting supply from marginal producers.... David Scutt
	9 Reasons Why Gold Will Soon Replace Treasuries As The Ultimate Store-Of-Value Asset
	In the age of fiat currency, the distinct concepts of saving and investing have become conflated and confused.... Tyler Durden

Last week was disappointing for the price of precious metals. With the Geopolitical wars raging on and a possibile government shutdown in Washington D.C. making the situation worse, Gold isn’t moving higher. Comments from Fed Chairman Powell on why interest rates need to stay high in the near-term to battle inflation continue to dominate the financial news cycle. Gold closed on Friday at $1,937, down $61 (3%) for the week.

Gold’s October 2023 rally of $196 from $1,818 on Oct. 10th reached $2,004 on Oct 27th; it probably got ahead of itself. Looking back to 2020, Gold had quickly broken above $2,000 per ounce, only to sell-off to as low as $1,608 before turning higher. My research shows that Gold has two important long and short-term levels right now. $1,900 and $2,100 per ounce are those target prices.

$1,900 is the key support level, Gold needs to stay above $1,900, especially till the end of November. Gold can test that level, but it can’t move below for more then one day, otherwise the October 3rd 2023 low of $1,818 is possible. A turn back this week above $1,950 or higher would be short-term bullish.

$2,100 is the key long-term resistance level. Gold’s last three strong rallies above $2,000 per ounce were stopped in the $2,070’s. Allowing for a couple attempts, a strong break above $2,100 would be the signal for a major bull trend, sending the price up to $2,300.

I have always felt that December has been a good month for precious metal prices, so I did the research and found the following: For the past six years from 2017-2022, the price of Gold has increased from Nov. 30 to Dec. 31st. The average increase for those six years is over 3%, or $61 per ounce.

Today: Last night in overnight trading, Gold reached a low of $1,931 before rallying back this morning in Europe and the U.S. to $1,947 per ounce. Commodity market traders are waiting for tomorrow’s release of inflation data (CPI) for direction. Interest rates and the U.S. Dollar remain unchanged.

Silver had a worse week than Gold, closing last Friday at $22.28, down $1.00 (4.25%) per ounce.
Silver tried but couldn’t stay above the key $23 per ounce support/resistance level last week.
Testing the $22 per ounce support level will probably be coming up this week, and it's important to hold above that level.

With lower premiums and prices, many of the popular Silver investment coins are seeing higher physical demand. The Silver-to-Gold ratio has increased to 87-to-1, still an excellent investment opportunity.

Today: Silver broke below the $22 per ounce support level this morning, reaching a low of $21.88 before turning around. Silver moved higher with Gold, and reached $22.38 before seeing some light profit taking.

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