Gold And Silver Continue To Test Key Support Levels

GOLD

Weak economic data from outside the U.S. is driving up the value of the Dollar. The U.S. Dollar Index jumped over 105 this morning (highest in the past six months). Plus, the 10-Year Treasury bill is over 4.3% (highest for the past five years). Both these facts are putting pressure on the price of precious metals. Gold reached a low today of $1,914 before finding serious buyers.

At 11am PT today, Gold is trading at $1,918 per ounce, down $9 on healthy volume.

SILVER

This morning, Silver tested the $23 per ounce support level, reaching a low of $22.96 before finding bargain buying. $23 is an important support level, as $25 is an important resistance level for Silver right now. At the current low price, the demand for physical Silver remains high.

At 11am PT today, Silver is down $0.33 per ounce, trading at $23.21 on excellent volume.