Both Gold & Silver Break Below Key Support Levels

GOLD

In overseas trading last night, the Gold price started moving lower in China and again in India, reaching a low in India of $4,841. China will be closed for the rest of the week, celebrating the New Year's Holiday. Gold found buying during late trading in India and London, however, dropped below $4,900 in London late trading and as the U.S market opened.

At 11am PT today, Gold is trading at $4,897 per ounce, down $134 on strong volume.

SILVER

This morning, Silver tested the key $75 per ounce support level in both China and India. Silver did reach a low of $72.67 per ounce before rallying back in India. Heavy selling hit the market in London and the U.S., dropping the price to $71.86 before seeing bargain buying.

At 11am PT today, Silver is down $3.90 per ounce at $73.85 on excellent volume.