Gold broke below $1,260

GOLD

With the US Dollar hitting a 2 week high amid optimism towards the passage of the Republican backed Tax Reform plan, we saw Gold hit the $1,260 floor and break through. I’d like to see how trading goes in the next couple of days with the day traders covering all of their positions alongside the US Jobs report coming out tomorrow. Despite being up for the year, with Gold trading in the $1,250 range I’d like to see how support comes in and takes advantage of these cheap prices. At 11am PST, today, Gold is trading at $1,253 per ounce, down $12 per ounce on very high volume.

SILVER

Silver has also tested the floor and broken through. Trading volume has been higher than normal as day traders are covering their position in this very active market. At 11am PST today, Silver is down $0.18 per ounce trading at $15.82 on above average volume.