Strong U.S. Dollar Index Takes Gold Below $1280 Support Level

GOLD

A stronger U.S. Dollar Index, based on a pending announcement regarding the U.S. – China trade agreement, combined with a story that Venezuela is selling $400 Million of its Gold to pay debt took Gold below the $1,280 support level. Gold hit a low of $1,272 per ounce quickly before major buying appeared. Gold needs to move back above $1,280 by weeks end to keep the short-term bullish sentiment. At 11am PT today, Gold is trading at $1,276 per ounce, down $14 on heavy volume.

SILVER

In light of a major breakdown in the Gold price, Silver did not break below the key $14.80 level this morning. Silver did reach a low of $14.82 before major buyers appeared, quickly moving the price up $0.12 per ounce. At 11am PT today, Silver is down $0.03 per ounce, trading at $14.97 on excellent volume.