Fed Fails To Give Guidance On Additional Stimulus

GOLD

Gold broke down below the key $1,950 per ounce level this morning based on disappointment from the Federal Reserve Chairman’s news conference yesterday. He failed to give guidance on any additional stimulus they will be providing to deal with the COVID-19 crisis. Gold reached a low of $1,931 before seeing sizeable bargain buying. At 11 am PT today, Gold is trading at $1,945 per ounce, down $16 on excellent volume.

SILVER

Silver sold off with Gold this morning, reaching a low of $26.27 before finding strong buying interest. Silver needs to move back above the key $27 resistance/support level to stay short-term bullish. At 11 am PT today, Silver is down $0.37 per ounce, trading at $26.95 on heavy volume.