Gold And Silver Holding Firm Despite Negative Issues

GOLD

Late yesterday, Fed Chairman Powell said that the central bank doesn’t need to be “in a hurry” to cut interest rates because of strong economic growth. That news combined with the U.S. Dollar Index moving over 107 has put serious pressure on the Gold price. This morning Gold reached a low of $2,554 per ounce before seeing sizeable bargain buying (probably at the central bank), driving the price up $10 per ounce. Considering all the negative issues released since the election, Gold is holding firm above $2,560 per ounce and demand is increasing.

At 11am PT today, Gold is trading at $2,568, down $3 for the day on strong volume.

SILVER

Silver is also being hit be the same negative issues as Gold, but it's showing excellent support above $30 per ounce. After hitting a low of $29.65 in London trading on Thursday, Silver has shown excellent support above $30 per ounce.

At 11am PT today, Silver is down $0.17 per ounce, trading at $30.35 on excellent volume.