Gold & Silver Test Support On High Durable Goods Numbers

GOLD

Gold sold-off this morning on the report of an 4.7% increase the U.S. Durable Goods orders of June. The original consensus estimate was 1 %. The U.S. Dollar Index rallied to over 101.75, the highest level in over two weeks. Based on the Durable Goods report, Gold reached a low of $1,940 before seeing sizable buying. At 11am PT today, Gold is trading at $1,948 per ounce, down $19 on active volume.

SILVER

Silver briefly broke down below the important $24 price level this morning on the June Durable Goods report. At 11am PT Today, Silver is down $0.54 per ounce, trading at $24.21 on excellent volume.