Welcome back to another instant update, where we recap all the latest news on the precious metals market update in the past week. This past week has been relatively on the upside for precious metals as they showed strength in the markets. To begin the week off, Gold was able to consolidate above the $1700 (USD/Oz) support area. This was important as interest rates have been increasing, which tends to have an inverse relationship with Gold. The fact that Gold prices rose and stayed about the key support area was the first indication of precious metals showing strength in the markets. Prices remained fairly stable throughout the course of the week, fluctuating around the $1730 (USD/Oz) price level, however, still showing strength in an uptrend. In continuation of this trend, Gold prices spiked on Wednesday after the Federal Open Market Committee (FOMC) meeting, and the statement given by chairman Jerome Powell. In light of the Biden administration’s stimulus plan, and the US economy’s recovery, many believed that there would be a rise in interest rates. However, Powell and the FOMC have come to the conclusion to keep interest rates at the same level, despite their expectations for economic growth. Interest rates remaining at this level is what caused the spike in Gold prices on Wednesday. This spike did not last as on Thursday prices plummeted back down due to significant strength in the Dollar. The federal Reserve Bank of Philadelphia issued a release of their manufacturing index. The actual result was double what was forecasted. The inverse relationship between Gold and the US Dollar is what resulted in the drastic drop. Prices remained very volatile to end the week, however, despite the strength shown by the Dollar on Thursday, Gold was able to climb back up and end the week off on a positive note on Friday. This shed light on a positive future for Gold in the long run. As the economy recovers, Gold prices are still increasing. Now imagine what will happen when the Feds announce details in regards to inflation. We could see astronomical gains that potentially break through the 2020 all time high in the long run. To start the week, the precious metals market was a little choppy but showed strength in its consolidation above the $1700 (USD/Oz) support. Through technical analysis, Gold was already in an uptrend so the likelihood of strength was already present. Early in the week, Gold closed at $1732.80 (USD/OZ). Midweek, we saw more action from precious metals after the FOMC meeting and Fed chair Jerome Powell announcing that interest rates would remain the same. This added onto the strength Gold was already showing to spike the prices up even higher. Midweek, Gold closed at $1749 (USD/Oz). End of the week was very volatile for Gold as the Dollar gained strength on Thursday which caused the price to plummet as low at $1719 (USD/Oz). Gold still respecting the support level bounced back up on Friday for a correction as inverters sought the opportunity to get into new positions during Thursday’s lows. Gold ended the week closing at $1745.33 (USD/Oz).