Gold & Silver Trying To Break Above Key Resistance Levels

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	Gold-to-Silver Ratio Heading Lower - Setup Like 1989-03
	This extreme peak in the gold-to-silver ratio marks a very weak silver price compared to gold . . . . Chris Vermeulen
	July's CPI Report Shows US Inflation Cooling US Government's Formula Understates the Actual Rise in Prices
	This means Americans are still struggling to make ends meet as they watch the value of their money erode at over . . . . Jamie Redman
	Gold bounces above $1,800 after U.S. inflation data
	U.S. consumer prices did not rise in July, due to a sharp drop in the cost of gasoline, delivering the . . . . Ashitha Shivaprasad
	The Worst Performing Precious Metal, Silver, May Have Bottomed Out
	Silver was trading at $20.67 an ounce in Shanghai as of 8:37 am after recovering . . . . Victoria Fetcher
	Gold reaching $2,000 may only be a ‘matter of time’
	According to the commodity expert, the run-up gold has had in 2022 is just the beginning. With the logic of finite supply . . . . Dino Kurbegovic
	Cramer Says Charts Suggest Now is The Perfect Time to Buy Gold
	Cramer began his explanation of Williams’ analysis by examining the weekly action of gold going back to . . . . Krystal Hur

The Gold rally continues since reaching the 2022 low of $1,678 on July 21st. Last week, Gold traded above $1,800 on three days, reaching a high of $1,809 per ounce. Gold closed last Friday at $1,798 up $24 for the week, but continued higher after U.S. markets closed, reaching $1,803 before trading ended. I believe the next important move for Gold is to close above the $1,800 level and establish that key level as a base, then trade between $1,800 to $1,850 per ounce for a short term. I still believe we will hit $2,000 by year end and all of the indicators I see are confirming that.

Last Wednesday, the July Consumer Price Index (CPI) was reported showing no increase in consumer inflation rate for July. That news had a positive effect on most financial markets, including precious metals. The thinking is that the Fed would be less aggressive on future rate hikes. Last week, we saw weakness in the U.S. Dollar and interest rates which helped drive the Gold price to move above the key $1,800 level.

With recent passage of key new legislation on climate, microchips, energy, and healthcare, the U.S. congress has spent over $2 Trillion before leaving on summer vacation. This spending will lead to a major 2022 budget deficit and is contributing to the recent weakness in the U.S. Dollar. If it’s confirmed we are in a recession later this year, it will be a full-employment inflationary recession.

Today: A strong U.S. Dollar combined with a weak economic retail report from China this morning has put pressure on the Gold price this morning. The U.S. Dollar Index moved back above 106 and China reported July Retail grew only 2.7%, down from the 5% that was expected. Gold tested the $1,775 support level this morning.

Silver closed last Friday at $20.68, up $0.88 for the week, and the first time Silver ended the week above $20 since July 1st. Silver spent most of last week trading between $20 and $20.75 per ounce, building an excellent base for the next leg higher. Gold is currently leading the precious metal family of metals, so if Gold can firmly break above the $1,800 level, Silver may move closer to $21 per ounce. The Silver-to-Gold ratio decreased to 87-to-1 in the past week.

Today: The weakness in the Gold price this morning caused Silver to test its $20 per ounce support level. Silver reached a low of $20.06 before seeing sizeable bargain buying in Europe and U.S. Markets.