Gold Breaks Below $2900 On Low Consumer Confidence

GOLD

Gold broke below the key $2,900 level this morning, reaching a low of $2,884 on a large, unexpected drop in U.S. Consumer Confidence. That Consumer index was 104.1 in January and was expected to be 102.7 for February. However, it dropped to a 3 ½ year low of 98.3 and all markets reacted. After reaching today’s low, the volume of Gold trading picked up and the Gold price moved to $2,910.

At 11am PT today, Gold is trading at $2,910 per ounce, down $37 on heavy volume.

SILVER

The Silver priced dropped with Gold on the Consumer Confidence number, breaking below the $32 per ounce support level. Silver reached a low of $31.25 before seeing bargain buying.

At 11am PT today, Silver is down $0.75 per ounce at $31.60 on heavy volume.