Silver And Gold Are Positioning For A Major Move Higher

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	Silver Price Forecast – Silver Markets Stabilize
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The coronavirus, with over 40,000 people infected and over 900 deaths, is dominating the financial news. Analysts have concerns that the coronavirus could seriously affect the world’s leading nation’s economies, substantially slowing growth.

China’s Central Bank continues to inject large amounts of money into their financial system. These funds are focused at helping domestic businesses that are hurting from the coronavirus outbreak. Other Central Banks around the globe have also made it clear they are willing to stimulate their economies if the coronavirus should cause problems. (See article above: Coronavirus Cure: Print More Money)

Last week, the Dow Jones average was up 850 points, while Gold declined $14.50, ending the week at $1,469 per ounce.

Last Friday, the Bureau of Labor Statistics' January 2020 jobs report was released. Unemployment was little changed last month, hovering at a 50-year-low of 3.6%, while jobs gained 225,000, 42% more than had been anticipated. Gold rallied $3.40 per ounce on Friday after the jobs report was released. Gold continues to build a firm base above the $1,550 per ounce support level, on the way to reach $1,750 per ounce by year-end, a 15.2% increase for 2020.

Today: Gold has been trading in a narrow $8 high/low range, from $1,567 to $1,575 per ounce. It’s becoming clearer that not only will the Chinese economy be slowing down due to the coronavirus breakout, but other countries economies will be slowing down.

Silver continued to trade above and below the important $18 per ounce resistance level last week. Silver closed the week at $17.67 per ounce, down $0.32 for the week. Silver tested the key $15.50 resistance level numerous times in the past month and has held. With a Silver-to-Gold ratio trading at an amazing 88.93-to-1, Silver is an extraordinary bargain. When Gold breaks above the $1,600 level, I expect to see Silver move above $18.50 per ounce.

Today: Silver has been picking up more demand in Asian and Europe markets. The Silver price has moved above $17.80 per ounce this morning.