Both Gold & Silver Looking For A New Support Level

GOLD

In early Friday trading, Gold moved higher following Thursday’s report of lower inflation. Concerns that the Iranian war will lead to higher energy costs and inflation took the Gold price lower in late U.S. trading. Uncertainty that the Federal Reserve will not cut interest rates this year, and could increase them, also led to the sell-off in Gold.

At 11am PT today, Gold is trading at $4,572 per ounce, down $48 on excellent volume.

SILVER

Silver continues to drop with Gold, trading today between $68.36 and $74.65 per ounce. $70 would be an excellent support level for Silver.

At 11am PT today, Silver is down $2.30 per ounce at $69.55 on strong volume.