Gold & Silver Selloff After Fed Chairman Powell Talks

GOLD

Yesterday was an ugly day for precious metal investors. After Fed Chairman Powell’s news conference, where he did not indicate that interest rates are coming down, and the metals got hammered. Gold reached a low of $3,272 before finding strong demand.

At 11 am PT today, Gold is trading at $3,295 per ounce, down $3 on heavy trading.

SILVER

The Silver price reacted stronger to Powell’s comments, breaking below the $37 support level and reaching a low of $36.13 before rallying back.
Silver needs to move back above the $37 level to stay bullish and move towards the $40 level later this year.

At 11 am PT today, Silver is down $0.95 per ounce, at $36.62 on excellent volume.