Gold and stocks move lower on 2017 GDP revision

GOLD

The 4th quarter of 2017 GDP was revised today and in it increased to 2.9%. This caused the Gold price and stock markets to start moving lower. Gold broke down below the $1,340 price level and traders short-sold the Gold June 100 ounce contracts. Gold reached a low of $1,325 per ounce. At 11am PDT today, Gold is trading at $1,326 per ounce, down $19 on heavy volume.

SILVER

Silver was brought down below the $16.50 support level and it reached a low of $16.22 before finding demand. Trading volume picked up when Silver broke down below $16.30 per ounce. At 11am PDT today, Silver is down $0.20 per ounce, trading at $16.35 on excellent volume.

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