Gold & Silver Break Down And Test Key Support Levels

GOLD

A combination of geopolitical tensions lessening and expectations growing that the Federal Reserve will delay the central bank’s planned interest rate cuts is putting pressure on the Gold price. In early trading, Gold broke down under $2,370 and kept on moving lower.
At $2,350 a sizeable number of short-sales hit the market and Gold reached a low of $2,330 before finding buyers.

At 11am PT today, Gold is trading at $2,330 per ounce, down $61 on large volume.

SILVER

Silver moved lower this morning with Gold, breaking below the key $28 per ounce support level, and testing support at the $27 level. After the March and April 2024 $6 increase in price, today we saw a $1.50 decline on major profit-taking.

At 11am PT today, Silver is down $1.50 per ounce, trading at $27.20 on large volume.