Gold Briefly Drops Below $1,850 Support Level

GOLD

With the Chinese markets closed for holiday, and the U.S. Dollar Index moving higher, Gold got hit last night. Traders were able to briefly take the Gold price down below the $1,850 support level, reaching a low of $1,844. This has all the markings of the final clean out and could be the last great buying opportunity. At 11am PT today, Gold is trading at $1,864 per ounce, down $17 on light volume.

SILVER

Silver reacted to Gold’s decline last night, reaching a low of $27.43 before finding bargain buyers, who took the price back up above $28 per ounce. Silver continues to show better price support than Gold. At 11am PT today, Silver is down $0.10 per ounce, trading at $27.89 on normal volume.