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Asian trading drove up US Dollar Index
In early Asian trading there was serious concern that a trade war would lead to a devaluation of the Chinese Yuan. Many traders and investors exchanged Yuan for U.S. Dollars, driving the U.S. Dollar Index over 95 (highest value this year). An increase in the U.S. Dollar lead Gold to break the $1,250 support level, actually hitting a low of $1,247.00 before bargain buyers and hedge funds became active. At 11am PDT today, Gold is trading at $1,249 per ounce, down $5 on excellent volume.
Silver followed Gold lower, reaching $15.88 when it broke below the $16.00 support level. Silver needs to move back above the $16 level for traders to renew buying interest. At 11am PDT today, Silver is down $0.18 per ounce, trading at $15.98 on excellent volume.