Gold And Silver Moving Towards Key Support Levels

GOLD

Gold and Silver prices are up today after both metals saw some pricing corrections over the weekend. Continued rising Treasury yields and the U.S. Dollar Index remaining above the 103 level are keeping precious metals on their bearish trend.

Later this week, the Federal Reserve will have its annual symposium in Jackson Hole, Wyoming. Trading will likely be subdued this week as traders are awaiting interest rate news from the symposium. Fed Chair Jerome Powell will be speaking this Friday and is expected to shed light on the Fed’s plans for potential interest rate hikes that had been hinted at in the FOMC minutes released last week.

At 11am PT today, Gold is trading at $1,894.78 per ounce, up $5.81.

SILVER

Silver is up this morning, crossing back over the key $23 support level and bouncing back from the lows we saw last week. This could suggest the beginning of a bullish turn for Silver.

At 11am PT today, Silver is trading at $23.30 per ounce, up $0.57.