Gold Hit A 2-Month Low This Morning

GOLD

Gold reached a 2-month low of $1,871 per ounce this morning before finding fresh buying. When Gold broke down below the key $1,900 level, a good number of professional traders short-sold Gold. This morning, I was hearing that a number of those traders covered those short-sales in the $1,875 area. Gold needs to move back above the key $1,900 level to return the bullish sentiment for Gold traders. At 11am PT Today, Gold is trading at $1,890 per ounce, down $1 on active trading.

SILVER

Silver broke down below the $23 per ounce support level, reaching a low of $22.85 before seeing bargain buying. The $23 level for the Silver price has shown excellent support this year, but Silver needs to move above $25 for traders to get bullish. At 11am PT today, Silver is down $0.40, trading at $23.13 on good volume.