Gold broke below $1,250 support level<br>Daily Market Report 5/4/17

GOLD

Gold broke below the key $1,250 support level late yesterday and since it couldn’t move back above that level this morning, Gold sold-off. This morning, many professional traders shorted Gold and it quickly dropped to $1,225 an ounce before buying appeared. At 11am PDT today, Gold is trading at $1,229 per ounce, down $20 on heavy volume.

SILVER

Today, Silver followed Gold lower, reaching a low of $16.21 per ounce. At that point bargain buyers appeared and drove the price up $0.10. At 11am PDT today, Silver is down $0.30, trading at $16.31 per ounce on heavy volume.