Gold Holding Over $4200, Silver Testing Key Support

GOLD

Last night, Gold fought to stay above the $4,200 level in all of the overseas markets. With Silver falling over 3% last night, Gold held above the key $4,200 level as traders know that if the Fed lowers interest rates this week, Gold will rally. A weaker U.S. Dollar helped the Gold price stay strong today.

At 11am PT today, Gold is trading at $4,210 per ounce, up $6 on average volume.

SILVER

Silver traded lower in overseas markets last night, but reached a low of $56.44 during the New York session today. Just a normal profit-taking after the recent strong rally. If the Silver price can stay above $56 per ounce for a bit, it will be a good sign that we are heading towards $60 within the next month.

At 11am PT today, Silver is down $1.40 per ounce, trading at $57.04 on excellent volume.