December Fed Rate Increases Bring Concerns Above Traders

GOLD

Gold sold-off this morning due to a stronger U.S. Dollar, with the U.S. Dollar reaching a high of 107.91 in active trading. Analysts and precious metal traders are showing concerns over the next Fed rate increase scheduled for December. Gold has reached a low this morning of $1,734, well below the $1,750 support level. At 11am PT Today, Gold is trading at $1,738 per ounce, down $13 on average volume.

SILVER

Silver sold-off with Gold, reaching a low of $20.57 per ounce, before finding bargain buyers. If Silver doesn’t quickly rally back above $21 per ounce, we will probably test the $20 major support level by month end. At 11am PT today, Silver is down $0.08 per ounce, trading at $20.83 on normal volume.