Federal Reserve’s July Minutes Released With Little to No Change

GOLD

It’s the same story has yesterday, with the U.S. Dollar Index moving higher (over 107.5). Gold tested the key $1,750 support level, reaching a low of 1,755 before light buying interest. The Federal Reserve’s July minutes, released yesterday, did nothing to relieve the concerns about higher interest rates in September. At 11am PT today, Gold is down $9 per ounce, trading at $1,758 on average volume.

SILVER

Silver also tested its support level of $19.50 per ounce, briefly breaking it, to $19.47, before rallying back. To keep the traders on the bullish side of the market, we need Silver to break back above $20 within the next few trading days. At 11am PT today, Silver is trading at $19.60, down $0.30 on normal volume.