Gold And Silver Under Pressure From Outside Markets

GOLD

Gold and Silver prices are facing pressure from a rising U.S. Dollar index and falling crude oil prices. It looks that these outside markets are trending bearish today, and in the absence of major precious metals news, traders are taking cues from these markets and retreating from precious metals.

Analysts have been awaiting Federal Reserve Chairman Powell’s speech today in Washington D.C. for hints on potential interest rates cuts.

At 11am PT today, Gold is trading at $1952 per ounce, down $18.

SILVER

In contrast to Gold, Silver prices have raised slightly today on bargain buying after hitting a three-week low early in the European market this morning. The white metal continues to hover in the mid $22 range today, with expected resistance at the $22.80 level.

At 11am PT today, Silver is trading at $22.66 per ounce, up $0.01.