Gold Market Waits On G-20 Results

GOLD

This morning we saw Gold’s second test of the very important $1,400 support level. Gold reached a low of $1,398 before serious buying appeared and rallied $8 per ounce. Results from the G-20 meeting will dictate what happens in the financial and precious metal markets. We should be getting indications on any movement in the Chinese trade war by tomorrow. At 11am PT today, Gold is trading at $1,408 per ounce, down $5 on good volume.

SILVER

Silver reached a low of $15.12 per ounce when Gold hit $1,400, but quickly rallied higher. Currently, there is good support for Silver above $15, but lots of resistance as it moves towards $15.50. At 11am PT today, Silver is down $0.09 per ounce, trading at $15.24 on normal volume.