Gold & Silver Drop Below Resistance/Support Levels

GOLD

Today we saw a sizeable increase in the value of the U.S. Dollar (over 94), combined with concerns about a Federal Reserve policy change at next week’s meeting, caused a sell-off in Gold/Silver. Gold reached a low of $1,771 per ounce this morning in early European trading, before jumping back above the key $1,780 level in U.S. trading. At 11am PT today, Gold is trading at $1,782 per ounce, down $20 on excellent volume.

SILVER

Silver reached a low of $23.63 per ounce when Gold was selling off, before the important $24 resistance/support level. At the today’s lows, Silver saw heavy bargain buying and moved up $0.20 very quickly. At 11am PT today, Silver is down $0.23 per ounce, trading at $23.87 on good volume.