Gold & Silver Testing Key Support Level

GOLD

Gold is trading in a tight range today, between $1,957 and $1,967 per ounce. Investors are waiting for Wednesday’s monetary policy announcement from the Federal Reserve amid heightened speculation that it’s likely to be the last interest rate hike in this cycle. The U.S. Dollar Index continues to hold around recent highs. At 11am PT today, Gold is trading at $1,960 per ounce, down $4 on average volume.

SILVER

Silver reached a low of $24.22 this morning, below the $24.50 support level as lack of fresh buying effected the market. The Silver-to-Gold ratio has moved back over the 80-to-1 number. At 11am PT today, Silver is down $0.26 per ounce, trading at $24.40 on normal volume.