Metals Drop On Israel Ceasefire Agreement

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	Silver Tests A Key Resistance Zone Above $31.00
	Silver price (XAG/USD) appreciates to near $31.10 per troy ounce during the European hours on Thursday.... TeleTrade
	Gold Price Ends The Week With 5% Gain As Safe-Haven Demand Drives Price Action
	The gold market has ended a three-week selloff with a vengeance, as prices look set to close Friday above $2,700 an ounce... Neils Christensen
	Rising Threat Of World War III Could See Gold Hit $2,800 By Christmas
	Gold’s record-setting rally in 2024 hit a wall of resistance around $2,791/oz, leading to a pullback to $2,540/oz... Jordan Finneseth
	Polish Central Bank Becomes Biggest Buyer Of Gold
	Poland has solidified its position as one of the world’s top holders of gold reserves, surpassing Great Britain by increasing its holdings to over 400 tons... Eran Tal
	Goldman Says ‘Go for Gold’ As Central Banks Buy, Fed Cuts in ‘25
	Gold will rally to a record next year on central-bank buying and US interest rate cuts, according to Goldman Sachs Group Inc.... Jake Lloyd-Smith
	Trump And The Gold Standard
	Rumors that the gold standard could be reinstated during Trump’s presidency centered largely on positive comments he made... Melissa Pistilli

November has been an extraordinary month for Gold.

To re-cap, Gold reached an all-time high of $2,790 before the 2024 U.S. Presidential election. After it was confirmed that Donald Trump would be the next president of the United States, on Wednesday, November 7th, Gold started moving south. Gold bottomed out, reaching a November low of $2,537 on November 14th, a decline of $253 (9%) from the high. Gold closed last Friday at $2,710 per ounce, up $145 for the week on excellent volume.

Last week, we saw an amazing rally. The Gold price rose every day, increasing by $145 per ounce. What was really astonishing about this rally was that it happened in the face of sizeable increases in the value of the U.S. Dollar Index, equities, and Bitcoin. Many precious metals analysts feel that most of the demand was fueled by the increased conflict between Russia and Ukraine. I believe that was a contributing force, but it was clear that Gold was over-sold after the Trump correction.

A one week increase of $145 in the price of Gold is remarkable. I checked all the way back to 1970, when Gold was $37 per ounce, and it has never happened before. I believe it’s a sign of the pent-up demand for physical Gold from central banks and
international investment entities. A lot of concern is being caused by the Russia/Ukraine war and the U.S. budget deficit that would be generated by many of President Trump’s suggested policies.

After a $145 increase last week, the big question is what will happen to the price of Gold this week? It could continue to increase, have a serious correction or just stay above $2,700 and build a firm base. Right now, the short-term direction of Gold is a big question mark.

Today: The question about the short-term direction of the Gold price was answered this morning. As Israel and Hezbollah reach a cease-fire agreement in Lebanon, Gold saw selling on the open and the price lowered for most of the trading day. At this point in time, Gold is trading at $2,626 per ounce, down $88 per ounce.

It appears I was correct last week when I thought Silver had bottomed out after it fell to $29.70 per ounce on November 14th. Silver rallied with Gold last week, up $0.94 for the week and moving strongly above both the $30 and $31 per ounce resistance levels. If Gold can stay above $2,700 per ounce, Silver should be able to move above $32 per ounce. Last Friday, Silver closed at $31.31 per ounce, up $0.94 on excellent volume.

Today: Silver followed Gold lower on the news this morning, breaking below the $31 per ounce support level and moving lower. At this point in time Silver is trading at $30.10 per ounce, down $1.21.

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