Gold And Silver Test Support And Rally Back

GOLD

This morning's Labor Department report showed March’s Consumer Price Index (CPI) rose 0.4% on a monthly basis, hotter than the forecasted 0.3% increase. Gold reacted to this news and quickly dropped $34 per ounce to $2,318 before finding a bottom. At the lows of the day, buyers jumped in and the price jumped back up $20 per ounce.

At 11am PT today, Gold is trading at $2,337 per ounce, down $8 on heavy volume.

SILVER

Silver followed Gold lower this morning on the CPI news, reaching $27.47 per ounce. $28 per ounce looks to be an important resistance level for Silver. Last time Silver was over $28 was in January 2021 and it reached the yearly high of $30 shortly thereafter.

At 11am PT today, Silver is up $0.22 per ounce, at $28.07 per ounce on sizeable volume.