Gold Is Building A Base For The Next Move Higher, As Breakout Over $1,250
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Gold closed last Friday at $1,231 per ounce, down $1.50 for the week. What is more important is that Gold built a base above the important $1,220 level last week. Gold tested that base on Wednesday, but quickly rallied $23 last Thursday on the highest volume for the week to continue the base building. Considering that during last week the U.S. Dollar Index, the 10-year treasury bond rate, and equity markets were all higher, Gold did well just to be down only $1.50.
As Americans, we look at the price of Gold in terms of U.S. Dollars per ounce. However, other countries like Russia, Turkey, China, and India look at the price of Gold in their local currencies. Those currencies have dropped significantly against the U.S. Dollar. Countries like India, China, and Turkey are looking at the price of Gold in terms of a six-year to all-time highs. Therefore, their central banks, wealthy individuals, and corporations are buying Gold at a record pace. The World Gold Council reported that central banks in 2018 have bought 148 metric tons of Gold (worth $5.82 billion), which is 22% more than the same period last year.
I believe Gold is definitely in an up channel and I expect to see Gold move higher this month. A firm move above the $1,250 level within the next few weeks, followed by a week or more testing the $1,250 support level would be a good sign for a strong year-end close.
Today: Gold is stuck in a tight $8 High/Low range between $1,227 and $1,235 per ounce. It appears the precious metal markets are waiting for the results of tomorrow’s elections before giving us short-term direction.
Silver closed at $14.70 last Friday, up $0.06 per ounce for the week. I continue to think that Silver needs to move above the key $15.00 per ounce level for professional traders and commodity houses to become positive on Silver. As for now, as Gold moves higher, Silver also starts moving higher but can’t hold a rally. Demand for Silver needs to pick up and it should in the near future.
Today: For most of the trading day, Silver has stayed in the $14.60s, showing light demand and supply. Like Gold, I believe Silver is waiting for short-term direction from tomorrow’s elections.
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