Gold & Silver Break Below Key Support Levels

GOLD

The financial markets are reacting strongly to Federal Chairman Powell’s comment that the Fed will likely do only two rate cuts in 2025, not the four originally stated. Gold reached a low of $2,580 before seeing bargain buying.

At 11am PT today, Gold is trading at $2,595 per ounce, down $25 on average volume.

SILVER

Silver followed Gold lower on the Chairman’s announcement. Silver reached a low of $28.66 per ounce in late overnight trading.

At 11am PT today, Silver is down $1.00, trading at $29.02 per ounce on light volume.