Gold Attempts To Break Support Level

GOLD

A strong U.S. Dollar Index, helped by an increase in 10-year Treasuries caused Gold to break down below the key $1,800 level in early European trading. Gold reached a low of $1,788 per ounce before finding support. As the market rolled into the U.S., Gold rallied back above $1,800 on fresh buying. The $1,800 long-term support price is an important level for Gold and today is the second attempt to break it. At 11 am PT today, Gold is trading at $1,799 per ounce, down $24 from last Friday’s price on good volume.

SILVER

The Silver price did briefly break the $27 level this morning following Gold’s break below $1800. Silver quickly found bargain buying and rallied back $0.50 per ounce. Considering the recent weakness in the Gold price, Silver is showing excellent price support. At 11 am PT today, Silver is unchanged from last Friday’s price at $27.35 per ounce.