The Gold price driven down by USD rally & interest rates

GOLD

The U.S. Dollar has extended its strengthening trend, with the key dollar index jumping to a more than one-month high as investors look ahead to new federal tax-reform legislation. The U.S. Dollar rally and an increase in interest rates have affected the Gold price negatively, driving the price down to a low of $1,282 in early morning trading. $1,280 per ounce is the next support level for Gold. At 11am PDT today, Gold is trading at $1,286 per ounce, down $14 on active volume.

SILVER

Silver followed Gold lower, reaching a low of $16.70 per ounce before seeing bargain buying. If Silver can’t move back above $17 by Friday, I look for a test of the $16.50 support level. At 11am PDT today Silver is down $0.10 per ounce, trading at $16.82 on active volume.