Gold & Silver Testing Very Important Support Levels

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Last week, Gold traded between $1,844 and $1,879 per ounce, building a firm base for the next leg higher, after breaking the key $1,800 level earlier in November. During November, we saw increased Gold demand and higher trading volumes on many of the world’s largest commodity exchanges. Combine that information with dramatic increases in government spending and global reports of higher costs leading to inflationary economies in Europe, Asia and North America. This is why Gold is going much higher.

Gold closed last Friday at $1,851 per ounce, down $17 for the week, but above the key $1,850 level. An excellent indicator of Gold’s recent strength is the fact that the November rally has come in the face of the U.S. Dollar Index increasing from 94 to over 96 (the highest level since August 2020).

Today: This morning the White House announced that President Biden has decided to renominate Fed chair Jerome Powell to head the Federal Reserve. This announcement caused the U.S. Dollar and interest rates to rally and Gold quickly headed south. Gold reached a low of $1,810 before finding bargain buying.

Last week, Silver reached a high of $25.49 per ounce on Tuesday, before seeing profit taking. Silver closed Friday at $24.75 per ounce, down $0.59 on average trading volume. Staying above the key $25 price level is important to continue the current Silver rally. Many of the professional traders I’ve talked with are thinking of shorting Silver in the next week at the $24.90 area. When Silver breaks above $25 again, Silver needs to quickly move higher on heavy trading volume. The Silver-to-Gold ratio has moved higher to 74.72-to-1.

Today: After the Powell announcement, Silver dropped with Gold, quickly reaching $24.25 per ounce. Silver showed more price support than Gold, as it rallied back above $24.40 as buyers got aggressive.