GOLD & SILVER TRADING ABOVE KEY SUPPORT LEVELS

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Last Friday, Gold closed at $2,322 per ounce, down $10 for the week. Gold traded above and below the key $2,350 level, reaching a high of $2,365 last Tuesday. As Gold continues to consolidate recent gains and build a firm base, the trading volume has slowed down. The heavy Gold demand continues from Central Banks (especially China), large financial firms, and the public as physical investment products.

The personal consumption expenditures price index and the first-quarter U.S. economic inflation data were released last week. These key economic indices were not favorable for precious metals, but Gold stayed above the key long-term $2,300 per ounce support level.

Today: Gold traded in a narrow range this morning in Asia and Europe. Coming into the U.S., the Gold price is at $2,338 per ounce, up $16 from Friday's NY Close.
There are three important economic measures due to release this week that will be closely watched by investors – U.S. manufacturing data from the Institute of Supply Management, due to come out Monday at 9 am CDT, Wednesday’s ADP employment report, and the critical U.S. monthly jobs report for May, due to be released Friday.

Last week Silver also had a negative reaction to the same economic indicators mentioned above. Silver closed at $30.29 per ounce last Friday, down $0.04 per ounce for the week. Silver ended the week on the lows and is highly likely to test that key $30 per ounce support level again, but should hold. Silver reached a high of $32.28 on Thursday before seeing the Friday sell-off.

Silver has a past history of being very explosive when it breaks above $30 per ounce. In 2010, Silver moved from $30.10 on February 10th to $49.70 on April 25th, that’s a 65% move in only 74 days. During that time, Gold was only trading at $1,500 per ounce, which was a Silver-to-Gold ratio of 30.18-to-1. If we were to get to that same ratio again, Silver would need to be $77.80 per ounce based on the current Gold price.

Today: Silver briefly broke below the $30 per ounce support level in European trading, reaching $29.75 before finding bargain buyers. Staying above that $30 level this week is very important for both the short-term and long-term prices.

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