Gold Tests Key Support Level And Rallies Back

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Last week was truly exciting for Gold investors. Gold reached a new all-time high of $3,499 per ounce and had a $240 high/low trading range with extraordinarily high trading volume. Last week, Gold traded between $3,260 and $3,499, closing Friday at $3,290 per ounce, down $40 for the week.

The geopolitical problems, tariff issues, and Federal agencies’ firings and closures dominated the news and is having a serious effect on the precious metal and financial markets. However, I think the sell-off is behind us and we should see Gold in a trading range between $3,250 and $3,400 until we hear updated positive or, more likely, negative news. Continued strong demand from Central Banks and financial institutions could easily take the price past $3,500 within the next month.

Many of the popular U.S. and European physical Gold bullion plus coins have seen their premiums move lower in the past few months. The lower premiums were caused by profit-taking by long-term Gold owners and represent a great value right now.

Key Economic data to watch this week:
- Tuesday: Consumer Confidence, March Money Supply
- Wednesday: Gross Domestic Product
- Thursday: March Retail Sales
- Friday: April Employment

Today: Gold tested key support above the $3,250 level this morning in Asian, Middle Eastern, and London trading. In late London trading and early U.S. trading, as recessionary indictors were coming in, Gold started moving higher. Gold demand remains strong. April numbers for Central bank buying will be at a higher level than what was anticipated. Right now, Gold is trading at the highs of the day, around the $3,337 per ounce level.

Last week, Silver traded between $32.00 and $33.50, closing at $33.01 on Friday, up $0.54 for the week. With Gold trading around $3,300 per ounce, Silver is under-valued and needs to stay above the $33 level and move higher this week to regain a bullish sentiment. The Silver-to-Gold ratio has moved higher, reaching 99.66-to-1.

Today: Silver tested support of $32.60 this morning, when Gold was in its lows. Silver rallied back above the key $33 level as Gold moved higher. As I have said numerous times, Silver needs to stay firmly above $33 to confirm it’s in a bullish trend.

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