Gold may test the $1,300 support level soon

GOLD

This morning the U.S. Dollar continues its recent move higher and interest rates have ticked higher, causing the world’s equity markets to move higher and Gold to move lower. Gold has hit a low of $1,305 per ounce, and a possible test of the important $1,300 support level is on the horizon. At 11am PDT today, Gold is trading at $1,307 per ounce, down $15 on good volume.

SILVER

Silver followed Gold lower this morning, reaching a low of $17.05 per ounce. Silver has been more negatively affected (percentage wise) by the increase in the U.S. Dollar than Gold. At 11am PDT today, Silver is down $0.48 per ounce, trading at $17.16 on excellent volume.