Gold And Silver Break Down On Combined Concerns

GOLD

A sizeable 1% rally in the U.S. Dollar Index combined with concerns about fresh worldwide coronavirus-driven lockdowns has driven down all financial markets today. Plus, the inability of Congress to agree on more fiscal stimulus raised fears about another hit to the domestic economy. Gold broke below the key $1,900 support level, reaching a low of $1,880 before seeing bargain buying. Gold needed and has moved back above the key $1,900 support/resistance level today. At 11 am PT today, Gold is trading at $1,909 per ounce, down $45 on heavy volume.

SILVER

Silver got slammed this morning, dropping with the Gold price, but at a much faster pace. Silver broke below major support at $25 per ounce and reached an amazing low of $23.65 this morning on heavy selling before finding bargain buying. Silver needs to move back above $25 quickly to stay short-term bullish. At 11 am PT today, Silver is down $2.35 per ounce, trading at $24.55 on heavy volume.