Both Gold & Silver Test Key Support Levels

GOLD

After yesterday’s $230 drop in the Gold price, mostly during New York trading,
The big question was how the world’s market would react to that drop.

During last night’s trading in China, Gold tested the $4,000 per ounce support level, reaching a low of $4,003 per ounce.
In late Chinese trading and as Mumbai opened, Gold started to rally, moving to a high of $4,162 per ounce.
Then, when London opened, the price moved lower to $4,075 per ounce and traded between $4,050 and $4,100 per ounce.
When New York started trading, the price traded down to $4,020 and stayed in the $4,020 - $4,048 area.
Gold trading on all the world’s commodity markets was very active, with high volume

Last night was truly a bull versus bear war, and Gold’s make it or break it time.
If Gold moved below $4,000 per ounce, it would be a sign that Gold is going into a bear market.
The Gold price could have been pushed down to $3,800 by professional traders shorting
the Gold market if it broke below the key $4,000 per ounce support level.

This was the first serious test of Gold at the $4,000 level in China. We will likely see another test before Gold resumes its bullish run.

At 11 am PT today, Gold is trading at $4,048, down $67 on excellent volume.

SILVER

Silver traded between $47.48 and $49.35 per ounce last night and this morning.
It's important that Silver moves back over $50 per ounce soon to maintain a bullish track.

At 11 am PT today, Silver is down $0.70 per ounce, trading at $48 on excellent volume.