A $22 Range Tests The Key Support Level Again

GOLD

Gold has traded today between $1,899.70 and $1,921.70, a $22 high/low range, testing the key $1,900 support level again. A rally in the U.S. Dollar Index above 93.50 was part of the reason for the test of Gold’s support level. If it moves higher, Gold’s support level may break. No fresh news on any COVID-19 legislative stimulus bill is also putting pressure on the Gold/Silver markets. At 11 am PT today, Gold is trading at $1,902 per ounce, down $12 on average volume.

SILVER

Silver broke down below the key $24 support level this morning, reaching a low of $23.65 before finding support. Silver needs to move back above that key $24 level to stay short-term bullish. At 11 am PT today, Silver is down $0.56 per ounce, trading a $23.80 on normal volume.