Gold Testing Support Level As Iranian War Continues

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Gold closed last Friday at $4,615 per ounce, down $50 for the month of April. During April, Gold traded between $4,500 and $4,850 per ounce as developments involving Iran were reported. A recent poll shows that over half of commodity traders are looking to a potential Iran deal and the April jobs numbers for direction in their Gold and Silver buying decisions. The most recent news regarding Iran is that President Trump has rejected Iran’s 15-point peace plan as unacceptable. Gold dropped $22 to $4,593 during Chinese trading when this news was released.

Currently, Gold investors are experiencing news-driven volatility in precious metals trading. However, long-term investors are viewing this as an opportunity to increase their holdings. At this point, the focus should be on the negative long-term direction of the U.S. Dollar and the potential for higher precious metals prices based on the eventual outcome of the Iranian conflict. With China actively taking advantage of this situation to shift global commerce transactions from U.S. Dollars to Chinese Yuan, the value of the U.S. Dollar is expected to decline.

Key Economic data to watch this week:

• May 4th, Monday: March Factory Orders
• May 5th, Tuesday: March U.S. Trade Balance, March New Home Sales
• May 6th, Wednesday: April ADP Employment
• May 7th, Thursday: Initial Jobless Claims
• May 8th, Friday: March Wholesale Inventories

Today: This morning, Iran launched missiles toward the UAE. Markets believe this could trigger U.S. and Israeli military action soon, and Gold prices dropped as a result. Gold reached a low of $4,506 during U.S. trading, just $6 above the $4,500 support level.

Last week, Silver reached a low of $70.85 before attracting strong bargain buying in India, London, and the U.S. last Thursday and Friday. Silver closed the week at $75.47 per ounce, down $0.10 for the week. Silver is establishing a solid foundation above $70 per ounce, which could be beneficial once the Iranian conflict subsides.

Today: Silver reacted to the escalation of the Iranian conflict by dropping to a low of $72.10 per ounce. Silver appears to be responding more positively to inflation-related news, such as rising gas prices, than Gold.

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