GOLD TESTS KEY SUPPORT LEVELS AND BOUNCES BACK

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	Gold Prices Are Forecast To Rise Another 8% This Year
	The price of gold has surged more than 40% since the start of January 2024... Goldman Sachs
	India's Gold Demand Improves As Prices Retreat From All-Time High
	Indian dealers this week offered a discount of $12-$27 an ounce over official domestic prices, inclusive of 6% import and 3% sales levies, down from the last week’s discount of $35... Rajendra Jadhav and Rahul Paswan
	Gold Is Still On Course To Hit $3,000 But New Drivers Are More Dynamic
	Gold’s drive toward $3,000 an ounce pushed the market into overbought territory, raising the risks for short-term selling pressure... Neils Christensen
	U.S. Pending Home Sales Index Hits All-Time Low In January, Gold Trades Down 1.43%
	Hopes for a stabilizing U.S. housing market were dealt another severe blow after the number of potential home buyers fell beyond expectations again last month... Ernest Hoffman
	Gold Prices Slip Below $2,900/oz As Trump Tariff Threats Boost Dollar
	Gold prices fell in Asian trade on Thursday, pulling back further from record highs on pressure from a stronger dollar... Ambar Warrick

After reaching a new All-Time high of $2,959 on Monday, the Gold price suffered its worst loss since November 2024, down $104 and closing Friday at $2,850 per ounce. Some key economic reports were disclosed last week, including the January’s Consumer Confidence, New Home Sales, and Jobless Claims. All of these economic indicators showed that our economy is contracting and all financial markets reacted negatively.

Last week we saw a combination of a strong rally in the U.S. Dollar and worldwide concerns about the potential of Trump tariffs on Mexico, Canada, and China which are causing fears of future inflation. The focus of those fears is that if the inflation rate starts increasing, the likelihood of the Federal Reserve lowering interest rates will go away.

On Monday, we will see how the markets react to the White House meeting between Trump and Zelensky late last Friday and the European leaders’ summit over the weekend. Uncertainty over the U.S.’s role in settling the Russia-Ukrainian war should initially drive precious metals higher and the U.S. Dollar lower.

Economic data to watch this week:

Wednesday: January Factory Orders

Thursday: Jobless Claims, U.S. Trade Deficit, and Wholesale Inventories

Friday: January Jobs and Unemployment Report

Today: Gold Jumped $30 this morning, rebounding after last week’s fall and attracting safe-haven investors as U.S. President Donald Trump prepared to impose new 25% tariffs on Canada and Mexico, our nation’s largest trading partners. These tariffs on top of last week’s White House and European handling of the Ukrainian war is increasing the uncertainty and Gold demand. Gold moved higher this morning and will break back above the $2,900 very soon.

Last week, Silver followed Gold lower, breaking below the key $32 support level and briefly moving below $31 per ounce before bouncing back on Friday’s close. Silver closed at $31.21 per ounce, down $1.80 for the week and $1.05 for the month of February. The Silver-to-Gold ratio has increased to 91.22-to-1.

Today: Silver moved higher with Gold this morning, heading back to the key $32 per ounce level. Trading volume is showing large increases in Asia and Europe, which should help the market move higher.

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