Gold And Silver Holding Above Key Support Levels

GOLD

The U.S. Commerce Department said today that U.S. retail sales rose 0.1% in August following a revised increase of 1.1% in July. The data is better than expected, as economists' consensus projected 0.2% drop. In the last 12 months, retail sales have increased 2.1%. Gold sold-off on this news, reaching a low of $2,560 before finding buyers focused on tomorrow’s Federal Reserve interest rate announcement.

At 11am PT today, Gold is trading at $2,569 per ounce, down $13 on average volume.

SILVER

After being over $31 per ounce in early trading, Silver saw some sellers on the U.S. Retail Sales news. Silver did find excellent support above $30.50 per ounce in U.S. trading.

At 11am PT today, Silver is down $0.12 per ounce, trading at $30.70 on average volume.