Bears Drive the Gold Price Below Important $1,200 Level

GOLD

Early this morning the U.S. Dollar Index rallied and someone sold 10,000 December Comex 100-ounce contracts (valued at $1.2 billion) in New York. That sale took the price down to $1,191.50 before major buying appeared. One more time the bears were able to drive the Gold price below the important $1,200 support/resistance level. At 11am PDT today, Gold is trading at $1,197 per ounce, down $8.50 on excellent volume.

SILVER

Silver didn’t confirm the negative precious metal sentiment and held as the Gold price sold-off. This is the first day I’ve seen in a long time when the Gold price is lower and Silver is up. At 11am PDT today, Silver is up $0.02 per ounce, trading at $14.30 on excellent volume.